The demand function for bicycles in Holland has been estimated to be Q = 2,000 + 15Y – 5.5P… 1 answer below »


The ask-for business for bicycles in Holland has been estimated to be Q = 2,000 + 15Y – 5.5P where Y in proceeds in thousands of euros, Q is the bulk ask-fored in aces, and P is the charge per ace. When P = 150 euros and Y = 15(000) euros, detail the following:

a.Price elasticity of ask-forb.Income elasticity of ask-for