Q5. (20 marks) The market research department of Paradox Enterprises has determined that the demand for earrings is Q = 1,000 - 5Px + 0.051 - 50PZ, where Px is the price of earrings, I is income, and Pz is the price of necklaces. Suppose that Px = $5, I = $20,000, and Pz = $15. A. Compute the price elasticity of demand for earrings. According to your answer, describe the demand for earring at the Px= $5. B. Is the firm maximizing its total revenue at P = $5? If not, what price should it charge to maximize TR? How much TR would be at the maximum? Verify your answer. C. At P = $5, compute the income elasticity of demand for earrings. According to your answer, describe the earrings as a good. D. At P = $5, compute the cross-price elasticity of demand for earrings. According to your answer, describe the relationship between earrings and necklaces