* . (6 points) Suppose that city bus tickets are an inferior good. Ifthe city is undergoing an economic boom, with rapidly rising incomes, what impact dowe expect this to have on the supply curve for bus tickets? . (6 points) Suppose that when price of avocadoes rises by 3%, the quantity demanded of avocadoes falls by 7%. Calculate the price elasticity of demand for avocadoes and, based on that, explain whether producers' revenues are likely to rise or fall in the avocado market. . (6 points) Suppose that when incomes rise by 4%, the quantity demanded of macaroni and cheese falls by 2%. Calculate the income elasticity of demand does it indicate that macaroni and cheese is a normal or inferior good? How do you know? . (20 points) Isabel is planning a party and plans to buy guacamole and/or hummus for her guests. She estimates that the total utility her guests would derive from each good is as given below. Quantities and prices are given per pound. _Guacamole _ 9-7 G TUG -_ ' _-_ ' - - to the store, so that she now has ds an additional $15 on the way ' bi $1.332? :FTend should she buy another guacamole, another hummus, or gfilergxplain how we can use this model of consumer behaVIor to derive c. Isabel's and her guests' demand for guacamole. . ._ ._ _.-... "km in; mam for Greenthumb's avocado