Assume that factors that may change demand but are not listed in the table below do not change during the four months. Answer Q1-Q4 month income price corn price apple QD corn QD apple March 260 2.00 3.00 36 26 April 200 3.50 2.00 30 22 May 200 3.50 3.00 28 30 June 200 2.00 3.00 30 22 1. Calculate the price elasticity of demand for corn. Pick two relevant months for the cal- culation and explain why you picked the two months of your choice. Show your calculations neatly. (3.5 points) 2. Is it True or False that we can say that price elasticity of demand for corn is elastic? Explain the reason. (1.5 points) 3. Calculate the income elasticity of demand for apple. Pick two relevant months for the calculation and explain why you picked the two months of your choice. Show your calcula- tions neatly. (3.5 points) 4. Is it True or False that we can say that apple is a luxury good? Explain the reason. (1.5 points)