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True or False. Define Q1 = quantity demanded of good 1, P1 = price of good 1, P2 = price of good 2 and Y

True or False. Define Q1 = quantity demanded of good 1, P1 = price of good 1, P2 = price of good 2 and Y = income. Suppose further that the demand curve for good 1 is Q1 = 99 - 2*P1 + 0.1*P2 + 0.5*Y. At the point where Y = 100, P1 = 75 and P2 = 110, the demand for good 1 is price inelastic.

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