show your work and you approach the problem using the correct method.) 1) You are given an expression of quantity demand for a product with respect to various factors: Price $ 5.00 $ 4.50 $ 4.00 3.50 $ 3.00 Quantity 55 60 65 70 75 Income $ 35,000 $ 40,000 $ 45,000 $ 50,000 $ 55,000 Quantity 100 110 120 130 140 Price (Y) $ 3.75 $ 4.00 $ 4.25 $ 4.50 4.75 Quantity (X) 225 200 175 150 125 a) Is the good price elastic or inelastic as price moves from $3.50 to $4.00 What does this say about the movement of Sales (Total Revenue) of the product? Show calculations to back both answers. b) Is the good a Normal or Inferior good between an Income level of $40,000 and $45,000? If it is a Normal good, does it appear to be a Necessity or a Luxury? Show calculations to back both answers. c) With respect to another good Y and its price change from $4 to $4.25, does good X appear to be a substitute or a complement? Show calculation to back your