Jill buys only chocolate and wine. Her annual demand function for chocolate is: QC: 100 '12 pC '17pw+0.0025 w where Q; is the quantity of chocolate demanded, pc is the price of a bar of chocolate, 1),, is the price of a bottle of wine, and w is Jill's wealth. 3- Is wine a substitute or complement for chocolate? [3 points] b. Is chocolate a normal or inferior good? [3 points] C. If PC=L Pw=5 A W=42,000 , compute the own-price elasticity of demand for chocolate and state whether it is elastic or inelastic. [6 points] (1. Using the same parameters, compute the cross-price elasticity of the demand for chocolate with respect to the price of wine. [4 points] E. Using the same parameters, compute the income elasticity of the demand for chocolate. [4 points]