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A competitive firm has the following demand function Q, = 20 - 5*Px + 6*Py + IN + 0.3*A where Q is quantity demand of

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A competitive firm has the following demand function Q, = 20 - 5*Px + 6*Py + IN + 0.3*A where Q is quantity demand of X, P, is the price of X =5, Py is the price of other good y = 2, IN is the income level = 50, and A is advertisement = 10, find: What is the price elasticity of demand? Choose... $ Determine whether demand is elastic, inelastic or unit elastic Choose... What is the cross-price elasticity of demand? Choose... Determine whether good Y is a complement or a substitute Choose... What is the income elasticity of demand? Choose... Determine whether good X is a normal or inferior good? Choose

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