(TCO B) Consider the data for two products as shown below.
| Quantities Purchased | Quantities Purchased | |
| Prices | Product X | Product Y |
| $6 | 20 | 60 |
| $4 | 50 | 100 |
| Quantities Purchased | Quantities Purchased | |
| Income | Product X | Product Y |
| $30,000 | 25 | 20 |
| 50,000 | 60 | 10 |
- Using the midpoint formula, calculate the coefficient of elasticity for each product. (8 points)
- Calculate the income elasticity for each product and characterize each. (12 points)
(Points : 30)