Question: 4 Elasticity [6 ptsl Rick consumes two goods, food and clothing. The price of food is $2, the price of clothing is 85, and

4 Elasticity [6 ptsl Rick consumes two goods, food and clothing. The price of food is $2, the price of clothing is 85, and his income is $1,000. Rick always spends 40 percent of his income on food regardless Of the price of food, the price of clothing, or his income. a. [2 ptsJ What is his price elasticity of demand for food? b. [2 ptsl What is his cross-price elasticity of demand for food with respect to the price of clothing? c. [2 ptsJ What is his income elasticity of demand for food?

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