. The equation for a demand curve has been estimated to be Q = 100 - 10P + 0.5Y, where
Q is quantity, P is price, and Y is income. Assume P = 7 and Y = 50.
a. Interpret the equation.
b. At a price of 7, what is price elasticity?
c. At an income level of 50, what is income elasticity?
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