Economics

The following table below shows average household income, the price per liter of gasoline, the average price ofa vehicle, the number of vehicles sold and the amount of gasoline demanded for a household in Dawson Creek over the last two years. Average Household Price Average Price Number of Quantity Income of Gasoline per Vehicle {$) Vehicles sold Demanded Year ($) ($itre) of Gasoline 2018 54 000 1.45 23,750 850 1940 2019 57 000 1.30 25,010 1020 2060 A. Calculate the price elasticity of demand for gasoline from 201 S to 2019 and comment what type of good Gasoline is. (1.5 Marks) B. Calculate the income elasticity of demand for gasoline from 2018 to 2019 and comment what type of good Gasoline is. (1.5 Marks) C. Explain the difference between Elastic and Inelastic Demand. Also give an example of a product (other than CocaCola and Soda) that you think has Elastic Demand and a product that you think has Inelastic Demand, AND briey explain why you think the products you have chosen have elastic and inelastic demand using concepts from class. (2 Marks)