5. Elasticity: 4% (Please show your steps and calculation- use Arc elasticity) In year one, Mike's income was $68,000 and went to the steak house restaurants for dinner a total of 22 times. The next year, Mike's income increases to $72,000 and he ate diners at steak house restaurant for 30. Assume the quality of movies did not change. a. What is Mike's income elasticity of demand for dinner at steak house restaurants? b. What type of good is a dinner eating at a steak house restaurant for Joe? 6. Elasticity: 6% c. Compute the cross elasticity of demand and characterize the goods as d. complements or substitutes (Please use("Arc Elasticity" to calculate) a. Conventional Dental cleaning copay Alternative medical service visit made Price: $ 240/per cleaning 4,400 visits/year Price: $160/per cleaning 5,600 visit/year b. Regular Antibiotics offered by Boxes of Tamu Flu sold by pharmacy pharmacy Price: $90/shot 680 boxes/week Price: $70/shot 420 boxes/week