The demand for Airplanes is represented by this equation : Qd=53,230 - .8V+.05Vr-3,600Vh + 4T
V is the Price for Airplanes
Vr is the price per trip in boats
Vh is the price per gallon of gasoline
T is the average income of a consumer
Imagine that the current price per boat is $5.
That the price per gallon of gas is $10
The average income is $50
The equilibrium price for Airplanes is $60,000
After getting the market-equilibruim quantity of airplanes.
Calculate : price elasticity of demand for airplanes, income elasticity of demand for airplanes, cross-elasticity of demand relative to boat transportation, and cross-elasticity of demand relative to gas.