Problem 1 The table below shows the price and yearly income quantity of souvenir T-shirts demanded in New-York city according to the income of tourists Price of T-shirt in Quantity of T-shirts when income is 30 000 $ 3000 2400 1600 800 Quantity of T-shirts when income is 40 000 $ 5000 4200 3000 1800 a) Using the Midpoint method, calculate the income elasticity of demand when the price of T-shirt is 6$ and the tourist income increases from 30 000$ to 40 000$. b) What can we conclude about the type of good the T-shirts are