Where y denotes income in thousands qd is quantity demanded

The demand function for bicycles in Mapleville is estimated to be

Qd = 2,500 + 10Y - 6 P

Where Y denotes income in thousands, Qd is the quantity demanded in units, and P is the price of bicycles. When P = $120, Y = 12,

a. What is the price elasticity of demand?
b. What is the income elasticity of demand?

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Where y denotes income in thousands qd is quantity demanded : the demand function for bicycles in mapleville is estimated to beqd 2500 10y - 6 pwhere y denotes income in thousands

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