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3. Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = $10 000) Quantity Demanded (income = $12 000) $8 40 50 10 32 45 12 24 30 14 16 20 16 8 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of DVDs increases from $8 to $10 if (i) your income is $10 000, and (ii) your income is $12 000. b. Calculate your income elasticity of demand as your income increases from $10 000 to $12 000 if (i) the price is $12, and (ii) the price is $16