(6 points) R.C. Willey's economists report that the quantity demanded for their microfiber sofas is given by the equation below. Px is their own price, C and D are other expensive good sold in the store with prices Po and PD, M is income, and A is advertising expense. Qx = 6666.4 - 6.5Px - 8.6Pc + 1.7Pp + 0.01M + 0.03A. How many microfiber sofas will they sell when Px = 383, Pc = 443, PD = 780, M = 47200, and A = 2230? On the following Elasticity calculations, give me three decimal places. What is the own price elasticity of demand at these input values? What is the advertising elasticity of demand at these input values? What is the income elasticity of demand at these input values? What is the cross price elasticity of demand between X and C elasticity of demand at these input values? What is the cross price elasticity of demand between X and D elasticity of demand at these input values?(3 points) A firm's individual demand for good x satisfies, InQx = 1 -7.2lnPx + (1.2)InPy + (0.83)InM + (1.3)InAx. Q x is quantity of X, Px is the price of X, Py is the price of Y, a related good, A is advertising and M is income level. If the current advertising budget is A = $ 1493 . What should their advertising be to increase quantity demanded by 19%? A new ad campaign for Y has increased Py by 9% (%Py - 9%). By what percent will this change quantity demanded of X? (It could be positive or negative.) % A recession is expected to drive income down by 5% next year (%AM = -5%) . By what percent will this change quantity demanded? (It could be positive or negative.) %(1 point) If quantity demanded for sneakers falls by 11.61 percent when price increases 12.9 percent, we know that the own price elasticity of sneakers is: EQ,P(1 point) If a price increase from $40 to $57 causes quantity demanded to decrease from 924 to 690, what is the own price elasticity at a price of $40? (give me three decimal places) EQ.P(1 point) The total quantity sold was 238 units last year. The income elasticity is -0.01. If the income increases by 9%, how may units do you expect to be sold this year