Check my work 1 1 2 points Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment in particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenario Di, Lorena's income is $70,000 per year and movies cost $13 each. In scenario D2, Lorena's income is also $70,000 per year, but the price of seeing a movie rises to $15. And in scenario D3, Lorena's Income goes up to $90,000 per year, while movies cost $15. BOOK D1 D3 5 $ 90,000 15 Paint Scenario Income per year Price of movie ticket Price of Golf $60 $45 $30 D2 70,000 $ 70.000 $ 13 5 155 Quantity Demanded 10 15 20 15 15 25 40 Heferences 30 50 (Click to select Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Using the dieto under D and D2, calculate the cross elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.) At $60, cross elasticity = At $45. cross elasticity = At $30, cross elasticity - 1 Is the cross elasticity the same at all three prices? Are movies and golf substitute goods, complementary goods, or independent goods? b. Using the data under D2 and D3, calculate the income elasticity of Lorena's demand for goit at all three prices. (To do this apply the midpoints approach to the income elasticity of demand.) At $60, income elasticity of demand = At $45, Income elasticity of demand = At $30. Income elasticity of demand = Is the income elasticity the same at all three prices? Click to select is golf an inferior good? (Click to select it is (Click to select Click to select Lorena likes to play golf. The number of times per year that she plays depends on both the price of playing a round of golf as well as Lorena's income and the cost of other types of entertainment-In particular, how much it costs to go see a movie instead of playing golf. The three demand schedules in the table below show how many rounds of golf per year Lorena will demand at each price under three different scenarios. In scenario D. Lorena's income is $70,000 per year and movies cost $13 each In scenario D2, Lorena's Income is also $70,000 per year, but the price of seeing a movle rises to $15. And in scenario D3, Lorena's income goes up to $90,000 per year, while movies cost $15. D1 D3 $ $ 90,000 15 Scenario Income per year Price of movie ticket Price of Golf $60 $45 $30 D2 70,000 $ 70,000 $ 13 $ 15 Quantity Demanded 10 15 20 15 15 25 40 30 50 Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (1) in front of those numbers a. Using the data under Dy and D2, calculate the cross elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.) At $60, cross elasticity = At $45, cross elasticity =D At $30, cross elasticity = 1 is the cross elasticity the same at all three prices? (Click to select Are movies and golf substitute goods, complementary goods, or Independent goods? (Click to select b. Using the data under D2 and D3. calculate the income elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand.) At $60, income elasticity of demand = > YUUUU $ 15 Income per year Price of movie ticket Price of Golf $60 $45 $30 0.000 IU UUU > 13 S 15$ Quantity Demanded 10 15 15 25 40 15 20 30 50 Instructions: Round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign (-) In front of those numbers, a. Using the data under Dy and D2, calculate the cross elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the cross elasticity of demand.) At $60, cross elasticity = At $45, cross elasticity = | At $30, cross elasticity = 1 Is the cross elasticity the same at all three prices? (Click to select Are movies and golf substitute goods, complementary goods, or Independent goods? b. Using the data under D2 and D3, calculate the income elasticity of Lorena's demand for golf at all three prices. (To do this, apply the midpoints approach to the income elasticity of demand) At $60, income elasticity of demand = At $45, Income elasticity of demand = At $30, Income elasticity of demand = is the income elasticity the same at all three prices? (Click to select Is golf an inferior good? (Click to select. It is Click to select (Click to select