Suppose the demand function for a firm$$s product is given by where Px $$15,$ Py $$6,$ M $$40,000,$ and A $$350.$ a$.$ Determine the own price elasticity of demand, and state whether demand is elastic, inelastic, or unitary elastic. b$.$ Determine the cross$-$price elasticity of demand between good X and good Y$,$ and state whether these two goods are substitutes or complements. c$.$ Determine the income elasticity of demand, and state whether good X is a normal or inferior good. d$.$ Determine the own advertising elasticity of demand. $4.$ Suppose the own price elasticity of demand for good X is $3,$ its income elasticity is $1,$ its advertising elasticity is $2,$ and the cross$-$price elasticity of demand between it and good Y is $4.$ Determine how much the consumption of this good will change if: a$.$ The price of good X decreases by $5$ percent. b$.$ The price of good Y increases by $8$ percent. c$.$ Advertising decreases by $4$ percent. d$.$ Income increases by $4$ percent. $5.$ Suppose the cross$-$price elasticity of demand between goods X and Y is $4.$ How much would the price of good Y have to change in order to increase the consumption of good X by $20$ percent? ln Qx d $71\mathrm{.}5$ ln Px $2$ ln Py $0\mathrm{.}5$ ln M ln A