Study Problem 4-12 (algo) The table shows the average income of households and the quantity demanded of products M and N at different prices and levels of income. Year 1 2 3 4 Average Income $55,000 55,000 55, eee 60,000 Price of M $2.20 2.50 2.50 2.50 Quantity of M 112 1ee 88 184 Price of N $21 21 32 32 Quantity of N 750 720 780 730 a) What is the price elasticity of demand for product M between years 1 and 22 Round your answers to 2 decimal places. b) What is the price elasticity of demand for product N between years 2 and 3? Round your answers to 2 decimal places. c) What is the income elasticity of demand for product M between years 3 and 4? Round your answers to 2 decimal places. d) What is the income elasticity of demand for product N between years 3 and 4? Round your answers to 2 decimal places. e) What is the cross-elasticity of demand of product M for a change in the price of product N between years 2 and 3? Round your answers to 2 decimal places and remember to enter a minus (-) sign to indicate negative values