DEMAND INTERPRETATON EXERCISE Analyze the demand function for Smooth Sailing sailboats given on page 83. Please also read "What is a Symbol" located in the folder with this assignment. This function is Qs = 89830 -40Ps +20Px +15PY +21 +.001A +10W 1. Characterize this function by circling all in the following list that are applicable: univariate, bivariate, multivariate, linear, exponential, logarithmic, curvilinear, 1st degree, 2nd degree, 3rd degree, additive, multiplicative, linearly homogeneous 2. What is the numerical value of the partial derivative of the function with respect the price of Company Y's motorboats (PY) (be sure to also include the + or - sign. Note: I do not want the symbol for this partial derivative)? 3. Write the mathematical symbol representing the coefficient of the number of favorable weather days (W). (the numerical value of this coefficient is +10, but the answer you give is to be the symbol representing this partial derivative). 4. Assuming there is a 100 day increase in the number of favorable weather days (W), what change in demand for Smooth Sailing's sailboats Qs will result (an increase or decrease and also give the numerical value of it too)? 5. Are Y's motorboats a substitute for or complementary to Smooth Sailing sailboats? What feature of the function tells you? 6. Are Smooth Sailing sailboats a normal or an inferior good? What feature of the function tells you? 7. Assuming the price of Y's motorboats increases by $300, what change in demand for Smooth Sailing's sailboats Qs will result (an increase or decrease and also give the numerical value, too)? 8. Assuming per capita income (1) decreases by $1000, what change in demand for Smooth Sailing's sailboats Qs will result (an increase or decrease and also give the numerical value of it, too)? 9. Assuming the price of X's sailboats (Px) increases by $100, what change in demand for Smooth Sailing's sailboats Qs will result (an increase or decrease and also give the numerical value of it, too)? 10. Assuming the advertising expenditures on Smooth Sailing's sailboats (A) decreases by $3000, what change in demand for Smooth Sailing's sailboats Qs will result (an increase or decrease and also give the numerical value of it, too)? DemandInterp 7.docx 09192021