Explain clearly

9. Interpret the elasticities of demand for beer with respect to: a. Whiskey Price b. Soda Price c. Beer price d. Income Elasticity Type Short-Run Elasticity Value Long-Run Elasticity Value Own-Price Elasticity of -0.298 -0.745 Demand for Beer Cross-Price Elasticity of 0.191 0.478 Demand for Beer with Respect to the Price of Soda Cross-Price Elasticity of 0.015 0.038 Demand for Beer with Respect to the Price of Whiskey Cross-Price Elasticity of 0.085 0.213 Demand for Beer with Respect to Income FIGURE 3.8 Elasticities of Demand for Beer. Source: Tremblay and Tremblay (2005)