Hello, I have an ag economics question. At the moment, I answered the parts however I could, but I would love your input on the problem. I have provided an image of the question. 1. 0.0603/-0.1037 = -0.5815

2. Inelastic. For every 1% in income, demand for new work clothes will change by -0.5815 in the opposite direction of the income change, CP.

3. So new work clothes can be classified as an inferior good

Am I right???

As your income increases from $47,850 to $58,925, your demand for new work clothes increases from 56.5000 to 63.7500 units. 1. Calculate the appropriate elasticity. 2. Interpret the elasticity. 3. Classify new work clothes. All final answers must have four decimal places