Question: The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y - 5.5P where Y in income in thousands

The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y - 5.5P where Y in income in

thousands of euros, Q is the quantity demanded in units, and P is the price per unit. When P = 150 euros and Y =

15(000) euros, determine the following:

a. Price elasticity of demand

b. Income elasticity of demand

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