X 4.1 Question 29 (Algo) Consider the data in the table below. Price of Average Quantity of Price of Jolt Coke Income of Jolt Jolt sold Year ($/can) ($/can) Buyers ($) (cases) 2006 1.00 1.00 40,000 3,000 2007 1.00 1.40 40,000 5.000 2008 1.00 1.40 60,000 3,000 2009 1.40 1.40 60,000 1,000 Using average values, from 2007-2008, the income elasticity of demand for Jolt equals - 1.25. Using average values, from 2008-2009, the absolute value of the price elasticity of demand for Jolt equals 3.00