Question: The world oil demand for oil using a linear specification is as follows: Oil = -5740 - 83.5 * Price of Oil + 0.5698 *

The world oil demand for oil using a linear specification is as follows: Oil = -5740 - 83.5 * Price of Oil + 0.5698 * Income + 53.3 * Price of Coal Briefly discuss the following questions. Please support your answer with analytical discussions. Does oil demand obey the Law of Demand? Explain. Is oil a "normal good" or an "inferior" product (i.e., higher income countries consumer more or less oil?). Explain. Are oil and coal substitutes or complements? Explain. Write down the formulae to calculate the elastic of own-price, income, and cross-price

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