3. Suppose that your demand schedule for DVD's is as follows: Price Quantity Demanded (Income = 10,000 AED) Quantity Demanded (Income = 12,000 AED) 8 AED 40 DVD's 50 DVD's 10 AED 32 45 12 AED 24 30 14 AED 16 20 16 AED 8 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of DVD's increases from 8 AED to 10 AED if (1) your income is 10,000 AED and (2) your income is 12,000 AED. b. Calculate your income elasticity of demand as your income rises from 10,000 AED to 12,000 AED if (1) the price is 12 AED and (2) the price is 16 AED.
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