8. Suppose the Demand schedule for DVD's is as follows. (Use initial value for % change) Quantity Demanded (DVDs) Quantity Demanded (DVDs) Price ($) with income = $10,000 with income = $12,000 8 40 50 10 32 45 12 24 30 14 16 20 a. Calculate the price elasticity of demand as the price of DVDs rises from $8 to $10 for income of $10,000. b. Calculate the income elasticity of demand for a price of $12 when income increases from $10,000 to $12,000. 9. When New York City subway fares increased from $2.25 to $2.75, ridership declined by 4 million, a 2.7% decrease in riders. (Use initial value for %) a. Us the data to estimate the price elasticity of demand for subway rides. b. Based on your elasticity estimate, what happens to Transit Authority revenue when fares rise