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Can you please provide assistance on the following questions. As much detail on how to interpret the graph as possible please. Thank you! 1. The

Can you please provide assistance on the following questions. As much detail on how to interpret the graph as possible please. Thank you!

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1. The below graph shows spending on oral care (toothpaste, floss, dentistry, orthodontics, veneers, etc.) on the vertical axis and household income on the horizontal axis. In each of the income ranges shown below, indicate whether oral care is an inferior good (D), necessity (N) or superior good (S). $0,000 - $1,000 $16,000 - $32,000 $1,000 - $2,000 $32,000 - $64,000 $2,000 - $4,000 $64,000 - $128,000 $4,000 - $8,000 $128,000 - $256,000 $8,000 - $16,000 $256,000 - $512,000 Over what range of income is oral care a normal good? (State the entire range.) In what income range(s) is the income elasticity of demand above 1? (You can leave off the 000s) In what income range(s) is the income elasticity of demand positive but less than 1? (No 0000s) 128 64 32 16 $100s of Consumption .5 .25 0 1 2 4 8 16 32 64 128 256 512 $1000s of income

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