Question 04 05 Marks Smooth Sailing, Inc., has estimated the demand function for its sailboats (quantity purchased annually) as follows: Where, Qp = quantity purchased, Ps= the price of smooth sailing sailboats, Px= the price of Company X's sailboat, Py = the price of Company Y's motorboat, I= per capita income in dollars, A = dollars spent on advertising, and W = number of favorable days of weather in the southern region of the United States. a) Suppose that Ps = $9,000, Px = $9,500, Py = $10,000, I = $15,000, A = $170,000, and W = 160. Find the price elasticity of demand at that point. b) Is elastic, inelastic, or unitary elastic in part (a)? Justify