Calculate The Elasticity For Each Variable 525621

Important information about Calculating elasticity for each of the given variables

The following questions refer to this regression equation. (Standard errors in parentheses.)
QD = 15,000 – 10 P + 1500 A + 4 PX + 2 I, (5,234) (2.29) (525) (1.75) (1.5)
R2 = 0.65
N = 120
F = 35.25
Standard error of Y estimate = 565
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 and briefly comment on what information this gives you in each case.