lQuestion 2 (15 marks total] Canco is a major producer of steel. Management estimates that the demand for the company's steel is o\" ,2 50m) lP : ree- +lP +0.11 .itrrl ulurrliuwn Where Q?\" is steel demand in thousands of tonnes per year; PM\(Question 2, continued] 5} Based on your calculations, are steel and aluminum substitutes or complements? Explain. (2 marks} 6} Calculate the income elasticity of demand for steel, at the initia] prices and income. [2 marks} 7"} Based on your calculations, is steel a normal or inferior good? Explain. (2 marks) 3} If the objective is to maintain the quantity of steel demanded as calculated in pan {1) above, what reduction in steel prices (in %) would be necessary to compensate for a 25% reduction in the price of aluminum? {2 marks)