Hello, I have an ag economics question. I would love your input on the problem. I have provided an image of the question. I have also provided notes for you to look and get a better understanding ofhow the homework has to be done using the interpretative formula and the functional formula to calculate the elasticity not any other way sorry.Please do not use themid-point method. I have also provided notes on two examples of the questions so it could help you answer this one.

Am I right???

Here is The question below:

\f1. Due to COVID and the beginning of the academic year, personal income falls from $39,500 to $23,250. At the same time, you realize the demand for designer clothing has decreased from 187,350 to 157,800 units. 1. Calculate the Appropriate Elasticity: 0.3306 2. Interpret the Elasticity: For every one percent change in income, demand for designer clothing will change by 0.3306% in the same direction as the income change, CP 3. How would you classify designer clothing? Normal Good 2. Due to your performance in AGBS 001, your boss gives you a 3.50% raise. Subsequently, you notice that your demand for top ramen has decreased from 37 to 18 units. 1. Calculate the Appropriate Elasticity: -9.8701 2. Interpret the Elasticity: For every one percent change in income, demand for top ramen will change by 9.8701 \"/0 in the opposite direction of the income change, CP 3. How would you classify top ramen? Inferior Good All final answers must have four decimal places.\f1. Measures the Consumer's Income Responsiveness A. Recall: The Consumer is Choosing a Quantity in Order to Maximize their Utility 1. What happens to that choice when income changes? 2. Which direction does Demand change? 3. How much does demand change? B. Direction Theory Based 1. Does Income and Demand Move in the Same Direction? 2. Does Income and Demand Move in Opposite Directions? 3. Does Income not have any effect on Demand? C. Magnitude Empirical Data Based 1. Based on Actual Consumer Behavior 2. What is the Percentage Change in Demand? I. Calculating the Elasticity - Formula Percentage Change in Demand A. & = Percentage Change in Income 1. Interpretative Formula 2. Percentage Change in Demand per Percentage Change in Income 3. Unrestricted in Sign 4. We are answering two questions, direction (1) and magnitude (2) of the change in demand given a change in income - this answers the magnitude question. q1 - q2 B. &= q1 + q2 11 - 12 20 11 + 12 1. Functional Formula 2. Use this formula to calculate the elasticityIII. Interpretation A. For every one percent change in income, demand will change by percent in the opposite/same direction of the income change, ceteris paribus. B. Key Components of the Interpretation 1. Income 2. Demand 3. Opposite/Same IV. Classification of the Good in Question A. | &I > 0, the good is classified as Normal B. EI