QUESTION 12 5 points Save Answer The Kingston Company hires a consultant to estimate the demand function for its product. Using regression analysis, the consultant estimates the demand function in equation 3 to be log Q = 2.01 - 2.0 log P + 0.26 log Z -0.7 log Y (3) Where Q=quantity demanded (in tons) of Kingston's product P=price (in dollars per ton) of Kingston s product Z=price (in dollars per ton) of a related product Y=income of the customer of Kingston. How much is the price elasticity of demand for Kingston's product? If Kingston wants to increase revenue, based on the price elasticity, shall it cut or raise price? Explain. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Open Sans, sa... 10pt A E E X2 X2 STT ABC EXE O + P O WORDS POWERED BY TINY QUESTION 13 4 points Save Answer Refer to the demand function for Kingston Company. Based on the estimate of income elasticity, is Kingston's product normal of inferior goods? Explain your answer. Which types of locations, Kingston should offer it's product for sale? In lower-, lower-middle income locations or high income locations? Explain. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Open Sans,sa... 10pt A E Click Save and Submit to save and submit. Click Save All Answers to save all answers