(Figure 5.1) Francis spends his Income on fishing charters and jumping out of airplanes. Which of the following Fishing charters Parachute jumps An Increase in Income could cause the optimal consumption bundle to move from point A to point B. Fishing charters are an inferior good, Parachute jumps are an inferior good. An increase in the price of parachute jumps could cause the optimal consumption bundle to move from point A to point B. When Logan earned $1,000 per week, he purchased 5 karate lessons and 40 gallons of gasoline. When his earnings increased to $1.100 per week, he purchased & karate lessons and 43 gallons of gasate income elasticity of karate lessons and gasoline are and respectively. O 0.50; 1.33 0.85; 0.15 2,00; 0.75 0.10; 1.6 (Figure 5.3) Which of the following statements is TRUE? Books Paintings Books are an inferior good at income levels greater than those associated with bundle &. Both books and paintings are normal goods up to the income level corresponding to bundle D. Paintings are an inferior good at income levels higher than those associated with these bundles