1. The AIROD Aircraft Company manufactures small, pleasure-use aircraft. The following data pertaining to AIROD Aircraft Company's sales, selling prices and consumers' personal income were collected:

Year	Aircraft Sales (Units)	Average Price ($ millions)	Disposable income ($ millions)
2013	8,000	100	650
2014	10,000	89.50	610
2015	8,000	109.5	590

1. Estimate the arc price elasticity of demand using the 2013 and 2014 data. Explain.
2. Estimate the arc income elasticity of demand using the 2013 and 2014 data. Explain