(b) If the slope of the Demand curve becomes flatter, state whether demand has become more elastic or less elastic. (c) State what happens to the size of the change in the volume of demand (Q) for a given change in the price of Home Mortgage Loans when the demand is made more elastic. One of the other key factors that affects Demand, is the Income of the consumer. Income can change for several reasons including things like changes to tax laws or the occurrence of natural events such as droughts or pandemics. (d) Briefly state what will happen to the Demand curve when consumer Income decreases (i.e. does the Demand Curve shift to the left or to the right?) (will it move up or down?) (e) What will happen to the equilibrium price and the equilibrium quantity when consumer Income decreases