$10,000, P = $2.5, and… Show more Suppose the market deman

$10,000, P = $2.5, and… Show more Suppose the market demand for canola is Q = 1,000+0.3I-300P+2990 P%u2019, I = $10,000, P = $2.5, and P%u2019 = $0.25; where Q is annual demand in kg, I is average income per year, P is price of canola in dollar per kg, and P%u2019 is average price of vegetables in dollar per kg. Compute the following: EQ,P (the price elasticity of demand), EQ,P%u2019 (the cross-price elasticity of demand), EQ,I (the income elasticity of demand) • Show less

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