In part A how was it determined $1 increase in the price of fruit juice will result in a 5 gallon per family decline.How did we determine $1 increase just with the given information?How did we get $1000 increase in average family income with the given information?Please explain step by step.

SOLVED EXERCISE The estimated demand equation for a popular brand of fruit juice is given by the equation 9, 2105}; +0.001M +10%, (2.4) where QJE is the per family monthly purchases in gallons, P1 is the price per gallon of the fruit drink ($2.00), M is the median annual family income ($20,000), and Ps is the price per gallon of a competing brand of fruit juice ($2.50). a. Interpret the parameter estimates oqu. (2.4). b. What are estimated monthly, per family purchases (sales) of this brand of fruit juice ? c. Rewrite the Ea. (2.4) to resemble Ea. {2.3). d. Suppose that median annual family income increases to $30, 000. How does this change your answers to parts b and c? Solution a. A $l increase in the price of this brand of fruit juice will result in a 5-gallon, per-family decline monthly purchases. A $l,000 increase in median annual family income will result in a 1 gallon increase in per- family, monthly purchases. Since a .Sl increase in the price of the compet- ing brand results in a I0-gallon, per-family increase in monthly purchases of this brand, the two brands ofuitjuices are substitute goods. b. Substituting the indicated values into the demand equation yields Q, =10 5(2)+0.001{20,000} +10(2_5) : 45gallons. (2.5)