PLEASE FOLLOW THE FF:

• PROVIDE DETAILED EXPLANATION
• NO NPLAGRISM
• PROVIDE REFERENCE

1.As your income rises, your demand for inferior goods (increases, decreases, unchanged), demand curve for this good will shift to the (right, left, no shift).

increase, left

unchanged, no shift

decrease, left

unchanged, left

decrease, right

unchanged, right

increases, right

2.A newly expectation of higher prices may cause consumers to (increase, decrease, unchanged) its current demand, demand curve will shift to the (right, left, no shift).

decrease, right

increase, left

decrease, left

unchanged, left

increase, right

unchanged, no shift

unchanged, right

3.An increase in sales or property taxes will (increase, decrease, unchanged) supply, supply curve will shift to the (right, left, no shift).

decrease, right

unchanged, no shift

unchanged, right

increase, left

increase, right

unchanged, left

decrease, left

4.An increase in the price of a good will (increase, decrease, unchanged) the demand for its complement, demand curve for its complement will shift to the (right, left, no shift).

increase, right

unchanged, right

unchanged, left

decrease, right

increase, left

decrease, left

unchanged, no shift

5.Identify the nature of elasticity of the following conditions, whether it is Elastic,Inelastic, Unitary, Perfectly Elastic and Perfectly Inelastic: P > Q

Unitary

Perfectly Elastic

Perfectly Inelastic

Elastic

Inelastic