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I would appreciate an explanation to the answer thanks. Question 1 1 pts In the boxes below, enter 1.00 if you think the good is

I would appreciate an explanation to the answer thanks.

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Question 1 1 pts In the boxes below, enter 1.00 if you think the good is a normal good, enter 2.00 if you think the good is an inferior good, and enter 3.00 if you think the good is a Giffen good. The categorization of the good into different types is from the viewpoint of the consumer in question. The price of good X increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 3 units due to the income effect. What type of a good is good X? Your answer: The price of good Y increases. A consumer reduces her quantity demanded by 5 units due to substitution effect and increases it by 7 units due to the income effect. What type of a good is good Y? Your answer: The price of good Z increases. A consumer reduces his quantity demanded by 5 units due to substitution effect and reduces it by 2 units due to the income effect. What type of a good is good Z? Your answer: The price of good W decreases. A consumer increases his quantity demanded by 5 units due to substitution effect and reduces it by 7 units due to the income effect. What type of a good is good Z? Your

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