Saved Help Save & Exit Submit Study Problem 4-12 (algo) The table shows the average income of households and the quantity demanded of products M and N at different prices and levels of income. Year Average Income Quantity of M Quantity of N Price of M $2.50 1 $42,000 Price of N $16 16 105 100 730 2 42,000 2.90 700 3 42,000 2.90 95 28 670 4 48,000 2.90 105 28 710 ok a) What is the price elasticity of demand for product M between years 1 and 2? Round your answers to 2 decimal places. t b) What is the price elasticity of demand for product N between years 2 and 3? Round your answers to 2 decimal places. c) What is the income elasticity of demand for product M between years 3 and 4? Round your answers to 2 decimal places. d) What is the income elasticity of demand for product N between years 3 and 4? Round your answers to 2 decimal places. er 4 Connect Assignment i
