Suppose that your demand schedule for DVDs is as follows: a. Use the midpoint...

Suppose that your demand schedule for DVDs is as follows:

a. Use the midpoint method to calculate your price elasticity, of demand as the price of DVDs increases from $8 to $10 if (i) your income is $10,000 and (ii) your income is £12,000.

b. Calculate your income elasticity of demand as your income increases from $10,000 to 512,000 if (i) the price is $12 and (ii) the prix is $16.