Consider a product with perfectly price inelastic demand.

1. (a)Interpret "perfectly price inelastic" by words and elasticity formula.
2. (b)What does the corresponding price-consumption path look like?
3. (c)What does the (inverse) demand curve look like?
4. (d)Draw two graphs to show(i)and(ii).
5. (e)Evaluate the following statement: The good with perfectly price in- elastic demand must be inferior good