Final answer:
The price elasticity of demand at 1.4 advises a price decrease to boost revenue, the cross price elasticity at -0.72 indicates the product is a complement, and the income elasticity at 1.41 suggests the product is a normal and luxury good with demand rising substantially as income increases.
Step-by-step explanation:
When evaluating the price elasticity of demand (Ped) at 1.4, this suggests that the product is relatively elastic, meaning demand responds significantly to a change in price. As such, to increase revenue, the company should decrease the price because the percentage increase in quantity demanded will outweigh the percentage decrease in price. The cross price elasticity of demand (Ced) at −0.72 indicates that the product is a complement to the one whose price has changed, as the negative sign implies that an increase in the price of the related good will result in a decrease in demand for this product.
The income elasticity of demand (led) at 1.41 implies the good is a normal good because as income increases, so does the demand for this product. The elasticity being greater than 1 indicates it's a luxury good, meaning demand increases more than proportionately as income rises.