Q₁ = 2,500 - 4P₁ + 0.5P₂ + 2Y

where

Q₁ = quantity demanded of good 1

P₁ = price of good 1 = 500

P₂ = price of a related good 2 = 600

Y = income = 75.

For each elasticity below, choose the correct interpretation of the value. In other words, you need to calculate the elasticity value and then interpret what it means.

Cross-Price Elasticity	Choose...inferior normal, necessity normal, luxury complement substitute unit elastic elastic inelastic
Income Elasticity	Choose...inferior normal, necessity normal, luxury complement substitute unit elastic elastic inelastic
Price Elasticity of Demand	Choose...inferior normal, necessity normal, luxury complement substitute unit elastic elastic inelastic