(Solved): 8. Calculate the income elasticity of demand from the fol. lowing data (use the arc or average). a ...

8. Calculate the income elasticity of demand from the fol. lowing data (use the arc or average). a. Explain why the value is a positive number. b. Explain what would happen to a demand curve as income changes if the income elasticity was \( 2.0 \). Compare that outcome to the situation that would occur if the income elasticity of demand was \( 0.2 \).