The daily demand for Invigorated PED shoes is estimated to be

Qx= 100-6Px+ 8Py- 0.02M + 4Ax

Where Ax represents the amount of advertising spent on shoes (X), Pxis the price of good X, Pyis the price of good Y, and M is average income. Suppose good X sells at $25 a pair, good Y sells at $35, the company utilizes 50 units of advertising, and average consumer income is $20,000.

a.How much of good X do consumers purchase? Are goods X and Y substitutes or complements? Is good X a normal or an inferior good?

b.Calculate and interpret the own price, cross-price, and income elasticity of demand.