Demand for Orange Juice is given as Qd = 200 – 300 P + 120 I + 65 T – 250 Pc + 400 Ps Suppose Income is I = $10, Expectations T = 60, Price of Pc = $15 and Ps = $10. Find the Demand Equation. Using the demand function from part a., Calculate Elasticity of Demand for price range of $10 and $11. What will be the ‘Price Elasticity of Demand’ at P = $10? Interpret the Elasticity of Demand calculated in (C) above.

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