2. If the price changes from $10 to $30 what will be the effect on Quantity demanded and is it elastic? Price $10 then Quantity demanded is. Price $30 then Quantity demanded is Market elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) 3. If the quantity demanded changes from 200 to 50 then what changes will occur for price? Price Price Quantity demanded is 200 Quantity demanded is 50 Market elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) 4. Normal vs. Inferior good: Calculate elasticity also identify which item is Inferior and which is the Normal good. Is it (elastic, inelastic, or unitary elastic) (circle one choice) HT 4. Normal vs. Inferior good: Calculate elasticity also identify which item is Inferior and which is the Normal good. Year Income per month Potatoes quantity demanded per Steak quantity demanded per month month Year 1 $1000 6 pounds 1 pound Year 3 $2000 3 pounds 5 pounds Potatoes elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) Potatoes (Inferior or normal good). Steak elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) Steak (Inferior or normal good).