Question: Suppose that your demand schedule for streamed box sets is as follows: Price 0 uantity Quantity Demanded Demanded (income: (income: $10,000) $12,000) $8 0 50

Suppose that your demand schedule for streamed box sets is as

Suppose that your demand schedule for streamed box sets is as follows: Price 0 uantity Quantity Demanded Demanded (income: (income: $10,000) $12,000) $8 0 50 1032 5 1224 30 1416 20 168 12 1. Use the midpoint method to calculate your price elasticity of demand as the price of streamed box sets increase from $8 to $10 if (i) your income is $10,000 and (ii) your income is $12,000. 2. Calculate your income elasticity of demand as your income increase form $10,000 to $12,000 if (i) the price is $12 and (ii) the price is $16

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