The market research department of Paradox Enterprises has determined that the demand for fingolds is Q = 1,000 - 5P + 05I - 50Pz, where P is the price of glibdibs, I is income, and Pzis the price of ballzacks. Suppose that P = $5, I = $20,000, and Pz= $15.

(i) Compute the price elasticity of demand for fingolds.

(ii) Is the firm maximizing its total revenue at P = $5. If not, what prices would it charge?

(iii) At P = $5, compute the income elasticity of demand for fingolds.

(iv) At P = $5, compute the cross-price elasticity of demand for fingolds.