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Suppose that your demand schedule for video games is as follows: Price ($) Quantity demanded Quantity demanded (income = $30,000) (income = $37,000) 20 16

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Suppose that your demand schedule for video games is as follows: Price ($) Quantity demanded Quantity demanded (income = $30,000) (income = $37,000) 20 16 22 25 12 16 30 9 12 35 7 10 40 4 8 Use the mid-point method to calculate your price elasticity of demand as the price of video games increase from $25 to $30 if your income is $30,000. Show your calculations (4 points) . Calculate your income elasticity of demand as your income increases from $30,000 to $37,000 if the price is $30. Show your calculations. (4 points)

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