Please explain this. Part A. I found that Qxd = 2740 by substituting values then using coefficients found E to be -0.8759 due to less than 1 demand is inelastic; a price decrease leads to a decrease in total revenue

Answer each question in detail. Show your work for problems, and explain your reasoning briefly. Type your answers in a Word file or PDF file. Upload your file when you submit. Due date: 10/15 at 11:59 pm. 1. The demand for good X is estimated Q9 =10,000-4Px+5Py-2M+ Ax where Px is the price of X, Py is the price of good Y, M is income and Ay is the amount of advertising on X. Suppose the present price of good X is $60, Py = $100, M = $4,500, and Ax = 1,000 units. a. Calculate the own price elasticity of demand at these values of prices, income, and advertising. Is demand elastic, inelastic, or unitary elastic? Will total revenue increase, decrease or stay the same if the product price is lower than $60? b. Calculate the cross price elasticity of demand at these values of prices, income, and advertising. What's the relationship between X and Y? How much the consumption of good X will change if the price of good Y decrease by 3%. c. Based on the information, what is the percentage change in demand on good X if there is a 5 percent increase in income? d. In order to boost the sales by 8%, how should the firm change the amount of advertising on good X? Q =9K1/2/1/2 2. A firm can manufacture a product according to the production function and capital is fixed at 4 a. Calculate the average product of labor, APL, when the firm uses 9 units of labor. b. Find an expression for the marginal product of labor, MPL. Calculate the marginal product of labor when the firm uses 4 units of labor. c. If the firm can sell its output at a price of $30 per unit and can hire labor at $45 per unit, how many units of labor should the firm hire in order to maximize profits? What is the profit-maximizing output level