a) You have the following information for your product: The price elasticity of demand is -0.9. The income elasticity of demand is 0.5.. The cross-price elasticity of demand between your good and a related good is 2.0. What can you determine about consumer demand for your product from this information? b) The price elasticity of demand for urban transit fares has been estimated to lie between -0.1 and -0.6. Based on these results, what is the economic argument for raising transit fares? What political arguments might local govern