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Exercise Portion 1. Demand Equation: QA = 60000 - 40PA + 20PB - 35Pc + .011 PA = $400, PB = $625, Pc = 555,

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Exercise Portion 1. Demand Equation: QA = 60000 - 40PA + 20PB - 35Pc + .011 PA = $400, PB = $625, Pc = 555, and I = $56000 a. Calculate QA -16725 b. Without calculating any elasticities, which good is a substitute and which is a compliment? i. Substitute: Tea instead of coffee ii. Complement: Coffee and Milk c. Calculate Own-Price Elasticity d. Calculate Cross-Price Elasticities e. Calculate Income Elasticity

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