consider the demand function for good1, Q1 = 2452 - 7P1 + 0.4P2 - 1.25P3 + 0.09Y Where, price of good1 (P1) is 29, price of good2 (P2) is 181, price of good3 (P3) is 199, and income (Y) is 30466; (a) Find the price elasticity of demand (PED). (Give your answer to two decimal places) (b) Find the income elasticity of demand (YED). (Give your answer to two decimal places) (c) Find the cross-price elasticity of demand (XED) between good1 and good3. (Give your answer to east two decimal places)

5. Consider the demand function for good1, Q1 = 2037 - 9P1 + 0.6000000000000001P2 - 0.75P3 + 0.07Y Where, price of good1 (P1) is 59, price of good2 (P2) is 255, price of good3 (P3) is 195, and income (Y) is 24425;   (a) Find the price elasticity of demand (PED). **Don't forget to consider taking absolute value!** (b) Find the income elasticity of demand (YED). (c) Find the cross-price elasticity of demand (XED) between good1 and good3. (d) Estimate the percentage change in the demand for good1 resulting from a 4% decrease in the price of good2. (e) Based on the value of YED, comment on the nature/type of the goods ( answer in one word ) (f) Based on the value of the XED between good 1 and good3, comment on the relationship between these two goods ( answer in one word)

Consider the demand function for good1, Q1 = 681 - P1 + 0.75* P2 - 0.5* P3 + 0.05*Y Where, price of good1 (P1) is 200, price of good2 (P2) is 92, price of good3 (P3) is 399, and income (Y) is 18937; (i) Find the price elasticity of demand (PED). (Give your answer to two decimal places) (ii) Find the income elasticity of demand (YED) (Give your answer to two decimal places). (iii) Find the cross price elasticity of demand (XED) between good1 and good2. (Give your answer to east two decimal places) (iv) Find the cross price elasticity of demand (XED) between good 1 and good 3. (Give your answer to two decimal places) (v) Estimate the percentage change in the demand for good1 resulting from a 10% decrease in the price of good3. (Give your answer to two decimal places, if required and do not use % sign in your answer)

Consider the demand function for good1, Q1 = 2795 - 4P1 + 0.5P2 - 0.25P3 + 0.08Y Where, price of good1 (P1) is 52, price of good2 (P2) is 186, price of good3 (P3) is 176, and income ( Y ) is 22368; (a) Find the price elasticity of demand (PED). (b) Find the income elasticity of demand (YED). (c) Find the cross price elasticity of demand (XED) between good1 and good3. (d) estimate the percentage change in the demand for good1 resulting from a 12% decrease in the price of good2