Solve and explain the exercises:

Solve: 1) Solve and identify (if it is elastic, inelastic or unitary demand) the coefficient of the price elasticity of demand if: 1.A Q1 = 5 Q2 = 12 P1 = $6 P2 = $2 1 .B Q1 = 10 Q2 = 3 P1 = $6 P2 = $18 1.C Q1 = 40 Q2 = 60 P1 = $8 P2 = $12 2) Solve and identify (if they are luxuries, normal or inferior goods) the income elasticity coefficient, if: 2.A Q1 = 5 Q2 = 11 I1 = $4 12 = $8 2.B Q1 = 2 Q2 = 15 I1 = $10 12 = $5 2.C Q1 = 4 Q2 = 14 I1 = $3 12 = $17 3) Solve and identify (if they are substitute, complementary or independent goods) the cross elasticity coefficient for a good X and a good Y, if: 3.A Qx1 = 3 Qx2 = 10 PY1 = $8 PY2 = $15 3.B QX1 = 850 Qx2 = 849 Pyl = $1 PY2 = $105 3.C QX1 = 20 Qx2 = 8 PY1 = $6 PY2 = $14