= Given the following demand function for good X in your company: 0% = 100 - 1.5Px +4Py + 0.01M, where Qg is the quantity demanded of X, Px is the price of good X, Py is the price of good Y, and Mis income. Your boss asks you to complete the following tasks: 1) (Calculating) Suppose that Px = 5, Py = 10, and M = $500. In the worksheet Q1 Calculations of the provided Excel file, enter corresponding values in B2-D2 and formulas in F2-12 to calculate the own-price elasticity of demand for X, the cross-price elasticity of demand between X and Y, and the income elasticity of demand for X. Please round your results to two decimal places. You may find it helpful to review the Excel file for Module 3. (1.1 points) 2) (Graphing) Suppose that Py = 10 and M = $500. In the worksheet "QI Graphing", first enter formulas in B2-B98 to calculate the quantity demanded of X. Then use the data to insert a graph of the demand curve as an X Y (Scatter) chart with smooth lines, in which the price of X is on the vertical axis and the quantity demanded of X is on the horizontal axis. The graph should have axis titles (you can click the "+" menu on the upper right corner of the graph to add the axis titles). I have demonstrated how to plot data in Excel multiple times in class. If you still have difficulty, Google it - there are many tutorials online. (0.5 point) 3) (Answering) According to your answers in 1), are goods X and Y substitutes or complements? Is good X a normal good or an inferior good? Please provide your answers below with justification (0.2 points) D A B B C E 30 P_X PY 10 F G H Q_Xnd Own-price Elasticity Cross-price Elasticity Income Elasticity 2 Enter 5 500 Calculate 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 B D 1 E F P_X 0 Q_X^d G H 2 3 1 2 4 2 3 6 4 5 5 6 7 8 5 6 7 8 9 10 11 12 13 14 15 16 17 9 10 11 12 13 14 18 15 16 17 18 19 20 19 20 21 22 23 24 25 26 27 21 " 22 23 24 25 26 28 27 29 30 31 28 29 Q1 Calculation