In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticities:a. Panel A shows how the demand for X shifts when income increases from $30,000 to $34,000. Use the information in Panel A to calculate the income elasticity of demand for X. Is good X normal or inferior?b. Panel B shows how the demand for X shifts when the price of related good Y increases from $60 to $68. Use the information in Panel B to calculate the cross-price elasticity. Are goods X and Y substitutes or complements?

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A В 50 50 DIM=30,000) D'(Py=68) D'IM=34,000) D(Py =60) 200 300 240 510 Quantity of X Quantity of X Panel A Panel B Price of X (dollars) B. Price of X (dollars)