7. Suppose that your demand schedule for pizza is as follows: Quantity Demanded Quantity Demanded Price (income = $20,000) (income = $24,000) $8 40 pizzas 50 pizzas 10 32 45 12 24 30 14 16 20 16 8 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is $20,000 and (ii) your income is $24,000. b. Calculate your income elasticity of demand as your income increases from $20,000 to $24,000 if (i) the price is $12 and (ii) the price is $16.[LI [5 b. "17 1996) that subway ridership declined after a f 7:: increase: \"There were nearly four million feta riders in December 1995, the first full month i-ter the price of a token increased 25 cents to $1\" than in the previous December, a 4.3 percent d; vine.\" a. Use these data to estimate the pr: elasticity of demand for subway rides. b. According to your estimate, to the Transit Authority's revenu- fare rises? c. Why might your estimate of the elasticity be With\"; J. l"iappens when the unreliable? 9. Two drivers, Walt and Jessie, each drive up to a gas station. Before looking at the price, each places an order. Walt says, "I'd like 10 gallons of gas." Jessie says, "I'd like $10 worth of gas." What is each driver's price elasticity of demand