Problem 1.5 Assume that the demand for beef can be expressed as $Q_{beef} = 127 - 0.23P_{beef} + 0.15P_{pork} + 0.27P_{chicken} + 1.07I$. Also assume that the average per capita beef consumption is 75.73 pounds, the average price of beef is 190.88 cents per pound, the average price of pork is 145.52 cents per pound, the average price of chicken is 68.48 cents per pound, and the average disposable income is $7,715.49. (1) Interpret this equation for substitutes and complements, as well as whether beef is a normal or inferior good; (2) calculate the own-, cross-, and income-elasticities of demand, and interpret your results.