In the following questions, give all your answers to two decimals. Patrice works as an economist for the Bureau of Labor Statistics (BLS). Her current project is to estimate the effect of changes in income, prices of related goods, and the price of potatoes on the demand for beef. Patrice has the following data: Price elasticity of demand for beef -0.80 Income elasticity of demand for beef + 1.40 Cross-price elasticity between beef and chicken +1.20 Cross-price elasticity between beef and potatoes -0.50 Suppose the price of beef rises by 8%. All else equal, the quantity of beef demanded would fall by 8 %. Part 2 (2 points) See Hint If consumer income rises by 5%, the quantity of beef demanded would rise by 5 %. Part 3 (2 points) See Hint If the price of chicken rises by 4%, the quantity of beef demanded would rise Y by 0 %. Part 4 (2 points) See Hint If the price of potatoes rises by 20%, the quantity of beef demanded would fall Y by 0 %