he demand function for bicycles in Holland has been estimated to be Q = 2,000+ 15Y-6.5P where Y is income in thousands of euro, Q is the quantity demanded in units, and P is the price per unit. When P = 150 euro and Y = 15,000 euro, what is: The price elasticity of demand? O-0.78 O -0.24 O-0.43 O-6.5 The income elasticity of demand?
O 0.18 O1.00 O 0.78 O 0.12