Price Quantity Demanded Income = Rs. 20000 Quantity Demanded Income = Rs. 24000 Rs. 18 80 DVDs 100 DVDs 20 70 90 24 55 60 28 35 40 32 24 28     Use the midpoint method to calculate your price elasticity of demand as the price of DVDs increases from Rs.24 to Rs.28 if (i) your income is Rs.20000 and (ii) your income is Rs.24000. Calculate your income elasticity of demand as your income increases from Rs. 20,000 to $24,000 if (i) the price is Rs.18 and (ii) the price is Rs.20.

Q: 1.

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