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Could you please answer me this? IV. (33 points) Explain your logic in no more than two sentences for each answer. You may also include
Could you please answer me this? IV. (33 points) Explain your logic in no more than two sentences for each answer. You may also include a diagram where appropriate. Eight points for each answer. If you get correct answers for questions a through d, you will receive one extra point. a. Consumer incomes rise. Explain in a sentence or two what the effect on equilibrium price and quantity of an inferior good will be. b. The price of a competing products falls. Explain in a sentence or two what will be the effect on price and quantity for the original firm? c. If prices rise, explain in a sentence or two why sales revenue will increase, decrease, or remains the same for each of the following circumstances: (1) the demand curve in this range is elastic; (2) the demand curve in this price range is inelastic; and (3) the demand clurve in this range features unitary elasticity. d. If price is initially $6 and output is 2000 units, but price falls to $5 and output rises to 2200 units, calculate elasticity of demand in this range. Show your formula and calculations
Could you please answer me this?
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