QUESTION 2 18 points Save Answer = Complete the following table, specifically the rows for Income Elasticity of Food, Income Elasticity of Cereals, and Income Elasticity of Meat. Report all numbers to two decimal points, e.g. 256.10. Hint: The income elasticity of food in 2002 is calculated by % Change in Food Expenditure divided by % Change in Total Household Expenditure. % Change in Food Expenditure = (275.40 - 205.20) / 205.2 0 = 0.342 (rounded) % Change in Total Household Expenditure = (847.40 - 548. 30)/548.30 = 0.546 (rounded) Income Elasticity of Food in 2002: 0.342 /0.546 = 0.63 (rounded) 2000 2001 2002 2003 Total Household 256.10 548.30 847.40 1147.30 1776.20 Expenditure (s) Food Expenditure ($) 110.80 205.20 275.40 328.60 Cereal Expenditure (s) 23.80 41.30 52.30 Meat Expenditure (s) 12.30 23.90 33.30 Income Elasticity of 0.75 Food 2004 397.90 57.70 58.80 40.70 50.90 - 0.63 0.23 0.19 Income Elasticity of Cereals 0.64 0.49 Income Elasticity of Meat 0.83 0.72