1. The demand equation for a good is given by the equation: Q = 700 – 2P + 0.02Y (Where P is the price and Y is the income). Determine the following: (a). Price elasticity of demand when P = $25 and Y = $500. (b). Income elasticity of demand when P = $25 and Y = $500. (c). Interpret the results obtained in (a) & (b) above

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