The demand function for Bulova watches (X) has been estimated to be QX = 1,000 - 1.5PX + 2Y + 1.75Py where Y is income, QX is the quantity demanded of Bulova watches in units, PX is the price per unit of a Bulova watch and PY is the price of a Patek Philippe watch (Substitute). When P = $3, PY = $10 and Y = $20, determine the income elasticity of demand.    a. 0.0026 b. 0.158 c. 0.331 d. 0.038

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