Suppose the following equation estimates the demand for Oatmeal in the state of Maryland:

Q_Oatmeal= 2000 - 50*P_Oatmeal+ 100*P_Granola+ 2*Income

where P_Oatmealis the price of a box of oatmeal in dollars, P_Granolais the price of a box of granola in dollars, and Income is the median household income of the state of Marylandin thousands of dollars.

The current price of oatmeal is $5perbox, the current price of granola is $6 per box, and the median income in the state of Maryland is $75(hint,if needed use 75not 75000). Answer the following questions:

1.) What is the income elasticity of oatmeal? Enter a single number.

2.) Holding constant the price of granola and the median income in the state of Maryland, write the demand equation in terms of only Q_Oatmealand P_Oatmeal. Type an equation in the box. (For your convenience:there isno need to include subscripts.)