The following question refers to this regression equation.
QD= 15,000 - 10 P + 1500 A+ 4 PX + 2 I
Q = Quantity demanded
P= Price = 7,000
A = Advertising expense,in thousands = 54
PX = price of competitor's product = 8,000
I = average monthly income = 4,000
Calculate the elasticity for each variable (own price elasticity, cross price elasticity, income elasticity, and elasticity of demand for Advertising) and briefly comment on what that information gives you in each case.