letters a and b

125% + A View Zoom Add Page Insert Table Chart Text Shape Media Comment Collaborate Format Document 4 QUESTION 4: (Show all underlying work, otherwise I will take points off.) (12 points) D) Refer to your answer in part b. If the company from above desires to increase the quantity sold in the market and total revenue by 20 percent, how it should adjust its price? a) decrease price by 20% b) increase price by 20% c) increase price by 40% d) decrease price by 5% E) If the income elasticity of demand for a product is 0.70 a. You can conclude that the product is: Inferior good, income inelastic ( Normal, necessity good, income inelastic ( Normal luxury good, income elastic ( ) Inferior good, income elastic ( b. If consumers' income falls by 10%, market demand for this product and quantity demanded by percent