With the aid of graph. Explain how time affects elasticity of supply.
(b) Given the hypothetical demand function as QX =100 -5PX +0.1Y -20PY
Whereby:
QX = Monthly expenditures per Household kgs of meat.
PY = Price per kg of chicken. = 4000 Tshs.
PX = Price per kg of Meats. = 5000 Tshs.

Y = Monthly House Hold Income. 150,000 Tshs.
REQUIRED:
(i) Interpret the parameter?s estimate.
(ii) At the stated values of the variables above, Calculate the weekly expenditures.
(iii) Re-write the demand equation.
(iv) Calculate the cross, price and income elasticity of demand