It could be said that Goods C, D, and Eare "related goods"which are each operating in a perfectly competitive market essentially.Under this means please answer the following questions:

There are no graphs, all answers are based upon the data given in each question.

a. What are related goods? Give an example.

b. Quantity demanded falls from 200 units to 160 units, all as the price of Good Cincreases from $8 to $10. Based on this information pleasecalculate the price elasticity of demand for thisrange essentially.

c.Have in mind that good Cis an input for Good D and answer the following.Showthe effect upon the price change from part (b) on a fully labeled demand and supplygraph forthe Good D. Pleaseindicate shifts with an arrow and label the quantity or quantities and equilibrium price(s).

d.Please shade the CS [consumer surplus] lost in thismarket for Good Das a result of the change in part (b) uponyour graph from (c).

e.Have in mind that the equilibrium quantity is 60 units andthe equilibrium price for Good Eis $2. Essentially, Good E and Good Ccross price elasticity3. Based on this information please answer the following:

i. What type of goods are Good E and Good C? [are they normal goods, substitute goods,inferior goods, or perhapscomplementary goods]?

ii. What would be the new equilibrium quantity of Good Eafter a 25% price increment/ increase for Good C. Calculate and show work.