The demand function for good X is Q X $^$ d $=$a$+$bPx$+$c$1$ In M $+$ e where P$\_\{$X$\}$ is the price of good X and Mis income. Least squares regression reveals that hat a $=7\mathrm{.}42$ hat b $=-2\mathrm{.}18$ hat c $=0\mathrm{.}34$ a M $=55$ and P$\_\{$x$\}=4\mathrm{.}39$ compute the own price elasticity of demand based on these estimates. Determine whether demand is elastic or inelastic Instruction: Enter your responses rounded to the nearest two decimal places. If entering a negative number $,$ be sure to use a negative sign $()$ Own price elasticity of demand Demand is inelastic b M $=55$ and P$\_\{$x$\}=4\mathrm{.}39$ compute the income elasticity of demand based on these estimates $.$ Determine whether X is a normal or inferior good Instruction : Enter your responses rounded to the nearest two decimal places $.$ If entering a negative number, be sure to use a negative sign $()$ Income elasticity of demand Click to select $)$