Estimating Demand and Its Elasticities Please respond to the following:From the scenario for Katrinas Candies, examine the procedure Herb will use to estimate the demand model for this product and comment on the expected demand price elasticity, income elasticity, and cross price elasticity of the variables used in his model. That is, do you expect demand to be price elastic or inelastic? Will the products income elasticity suggest Katrina Candies is a luxury or a necessary good? And, is there likely to be a strong cross price elasticity with the other products that Herb included in his demand model? Explain your answers.What can you say about consumer demand for a product whose estimated demand elasticities are as follows?