Q1 : A W channel has estimated the demand for its service to be given by the following function: Q = 9-33P_ I'EAJ'EYI'EPE L4 Where: 0 = monthly sales in units P=priceottheservicein$ A = promotional expenditure in $'DUEI Y = average income of the market in $' Pi: 2 price of \"home movies' in $ The cunent price of the TV channel is $, promotional expenditure is $120,000: average income is $231, and the price of 'W is $45. Indicate whether the following statements are true or false, giving your reasons and making the necessary conecons. 1 'Home movies\" are a substitute for the T'v'channel. 2 A 5 per cent increase in income will increase demand by 16 per cent 3 A 1D per cent increase in price will reduce demand by 12 per cent. 4 Current sales are overa million units a month. 5 The demand curve forthe channel is given by: B The channel's sales are more affected by the plice of 'home movies' than by the price of its own service. T If the channel increases its plice this will reduce its prot