Question: I've been stuck in this problem please help Resources Q Hint Elasticity - End of Chapter Problem The accompanying table shows the price and yearly

I've been stuck in this problem please help

I've been stuck in this problem please help Resources Q Hint Elasticity

Resources Q Hint Elasticity - End of Chapter Problem The accompanying table shows the price and yearly quantity of souvenir T-shirts demanded in the town of Crystal Lake, according to the average income of the tourists visiting. For each calculation, use the midpoint method. Submit the absolute value of the price elasticities. Round to two places after the decimal if applicable. Price of Quantity of T-shirts demanded when the average Quantity of T-shirts demanded when the average T-shirts tourist income is $20,900 tourist income is $30,000 $4 3,000 5,000 2.400 4,200 1.600 3,000 7 800 1,800 a. Calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6, and the average tourist $20,000 income, price elasticity: income is $20,000. b. Also, calculate the price elasticity of demand when the average tourist income is $30,000. $30,000 income, price elasticity: c. Calculate the income elasticity of demand when the price of a T-shirt is $4, and the average tourist income increases from $20,000 to $30,000. $4 price, income elasticity: d. Also, calculate the income elasticity of demand when the price is $7. $7 price, income elasticity: hp 8 O P

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