6 points Saved A demand forecast is conducted using the equation Q = a + bp + cpc + dl, where Q is quantity demanded, p is own price, Pc is the price of a related product, and I is income. Regression results give us the estimates a = 10, b = -2, c = 1, and d = 4 Answer each of the following questions a. The own price elasticity at p = 1, Pc = 1, and I = 10 is -0.04 b.Using the point elasticity from part a as your only piece of data, compute the effect on revenue of a 4% increase in price 3.84% c. If the rival firm raises pc from $1 to $2, then the above focus firm will experience the following effect on Q 1 unit increase