Please calculate the elasticity value and then interpret what it means. Then choose the correct interpretation of the value from the list shown.

Suppose the following demand curve: Q1 = 10,000 - 2P1 + 0.5P2 + 4Y where Q1 = quantity demanded of good 1 P1 = price of good 1 = 500 P2 = price of a related good 2 = 600 Y = income = 75. For each elasticity below, choose the correct interpretation of the value. In other words, you need to calculate the elasticity value and then interpret what it means. Cross-Price Elasticity Choose... substitute Price Elasticity of Demand normal, necessity elastic Income Elasticity complement normal, luxury inferior unit elastic