1. Suppose lane lives in Kentucky, and at the start of each month Iane selects the quantity of bourbon (B) and fried chicken (C) that she will consume during that month in order to maximize her utility. Suppose you are given the following information about the choices lane makes each month for a three-month period, when she faces the following prices and income: Quantity of Quantity of Price of Price of bourbon fried chicken bourbon fried QB QC PB chicken PC Month 1 10 20 4-0 10 600 Month 2 7 18 60 10 600 -:-m_ a. Using the midpoint method and the information in the table, calculate lane's price elasticity of demand for bourbon. ls lane's demand for bourbon elastic or inelastic? Interpret the price elasticity in words. [Him-t: when calculating how responsive quantity demanded is to a change in price, you need to make sure that all other variables that aect demand, i.e. prices of other goods and income, are being held constant] b. Using the midpoint method and the information in the table, calculate lane's cross price elasticity of demand for fried chicken and bourbon. Does lane View these two goods as complements or substitutes