Q3 [ill paints] Suppose demand for inkjet printers is estimated to he Q = EDD-Ilp 5'sx+4pz+.2Y where p is the price of inkjet printers, Y is income, and pit and p, are the prices of related goods, X and 2. Suppose that p = 4D, px = 25 , p: = \"I! , and Y = 351], [11313. Answer the following ques tions: a. What is the price elasticity of demand?ll Interpret and explain your results. b. 'What is the cross price elasticity with respect to commodity X? Interpret and explain your result and give an example of what commodity K might be. c. 1What is the coss price elasticity with respect to commodity E? Interpret and explain your result and give an example of what commodity I might he. 1!. What is the income elasticity? Interpret and explain your result. Q1 [2\" points] A recent article, published in Journal of Postautistic Economics? found that the elasticity of demand for Google Play apps is |J.i'. This elasticity applies to a small college tovm where approximately 2,1111!) apps per month sold. If price rises by 113%, what would he the effect on quantity demanded? W'ould revenue rise or fall? What is the percent age change in revenue [price times quantity]? Interpret and explain your results. Q5 [EH] points] The estimated equation for the Japanese Densuke 'Waterrnelon supply curve is Q = [ll] + [1.3 p where p is the price in dollars per kilogram and Qis the quantity supplied in tons per year. 'What is the price elasticity of supply at the points on the supply curve where the prices are p = 510' , p = 32!], p = 32m], and p = 35m and p > lie-o per kg? Draw the supply curve and show these elasticities on the diagram