Please help!!!

Question 2 a) Explain the meaning of three types of elasticity of demand: (i) price elasticity of demand, (ii) income elasticity of demand, and (iii) cross elasticity of demand. (3 marks) b) State four factors affecting price elasticity of demand and the impact of these factors on the elasticity. (8 marks) c) Consider the following elasticities of petrol Demand elasticity: -0.39 Income elasticity: 1.2 Supply elasticity: 0.7 i) Do there appear to be good substitutes for petrol in the preference of buyers? Briefly explain. (2 marks) ii) Does petrol appear to be a luxury or a necessity in the preference of buyers? Briefly explain. (3 marks) iii) Do firms appear to have excess capacity in the industry of petrol? Briefly explain. (3 marks) d) If the price of coffee increase by 20%, the coffee consumed in country A decreases by 30% and the amount of tea consumed increases by 25% i) Is coffee a necessity good? ii) Is tea a substitute or complement goods for coffee? Support your answer with the appropriate calculation. (6 marks)