Calculating and Interpreting ElasticityThis analysis assessment has three parts. While responding to each part, make sure that you show the formula prior to your complete calculation. Listing only the final answer will not earn credit.Part I. Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation:Part II. Given the following information, calculate the income elasticity of demand using the midpoint formula.Part III. Given the following information, calculate the cross-price elasticity of demand.Submission Requirements:Formulas and calculations must be shown along with the final correct answer.Type your question here