Exercise 1: Income Elasticity Question: What if quantity demanded for luxury cars increased by 15% when consumer incomes increased by 10%. Calculate the income elasticity of demand for luxury cars. Exercise 2: Cross Elasticity Question: Supposed the quantity demanded for laptops increased by 8% when the price of tablets decreased by 4%. Calculate the cross elasticity of demand between laptops and tablets. Exercise 3: Income Elasticity Question: If the quantity demanded for inferior goods decreases by 8% when consumer incomes increase by 12%, calculate the income elasticity of demand for inferior goods. Exercise 4: Cross Elasticity Question: If the quantity demanded for tea increases by 6% when the price of coffee decreases by 4%, calculate the cross elasticity of demand between tea and coffee.