Question 3: Elasticities of Demand Given the following demand function for good X in your company: Q4 = 150 - 2.5Px - 4Py + 0.01M, where Qu is the quantity demanded of X, Px is the price of good X, Py is the price of good Y, and M is income. (1) (Calculating) Suppose that Py = 35, Py = 10, and M = $600. In the worksheet "Q3 Calculations" of the provided Excel file, enter corresponding values in B2-E2 and C4-E4 (0.2 points). Use formulas in H2-K2 to calculate the quantity demanded, the own-price elasticity of demand for X, the cross-price elasticity of demand between X and Y, and the income elasticity of demand for X (1.2 points). Please round your calculation results to two decimal places. (2) (Answering) According to your calculation results, are goods X and Y substitutes or complements? Is good X a normal good or an inferior good? Please provide your answers below with some justification. (0.2 points)