Problem
The demand function for bicycles in Holland has been estimated to be
Q = 2,000 + 15Y - 5.5P
where Y is income in thousands of euros, Q is the quantity demanded in units, and P is the price per unit. When P = 150 euros and Y = 15(000) euros, determine the following
a. Price elasticity of demand
b. Income elasticity of demand
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.