2.The demand equation for electricity is = 60 2 + 2 + 0.02 where ../ . is the quantity of electricity demanded is the price of electricity is the price of natural gas / is Income In all of the following parts of this question, use the values: = 76; = 3.80 where necessary. Show all your working. / . (a) Calculate own price elasticity of electricity demand and interpret it. (2 marks) (b) Calculate and interpret the cross-price elasticity of electricity demand with respect to the price of gas. (3 marks) (c) Calculate and interpret the income elasticity of electricity demand. What is the percentage change in demand for electricity if income rises from S50 to $55, while gas and electricity prices remain constant? (3 marks) (d) Explain the meaning of the coefficient of gas in the above demand equation. (2 marks)