Question: Given the demand function Q = 3000 - 5p2 + In(P,4) + VY, where P = 20, PA = 25, and Y = 4000, (a)

Given the demand function Q = 3000 - 5p2 + In(P,4) + VY, where P = 20, PA = 25, and Y = 4000, (a) Is demand considered elastic, inelastic, or unit elastic? Support your answer. (b) Is the alternative good is a substitutable or complementary good? Support your answer. (c) Would the good be considered an inferior, normal, or superior good? Support your answer. (d) If price, P, decreases by 5%, estimate the corresponding percentage change in demand. (Use derivatives to solve) e) If price, P, decreases by 5% while the price of the alternative good, PA, increases by 5%, estimate the corresponding percentage change in demand. (Use derivatives to solve)
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