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Question: The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting. Price of T-shirt Quantity of T-shirts demanded Quantity of T-shirts demanded when the average tourist when the average tourist income is $20,000 income is $30,000 $4 3.000 5,000 $5 2,400 4,200 $0 1 .600 3,000 $? 300 1 ,800 a. Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $20,000. Also calculate it when the average tourist income is $30,000. b. Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $1

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