Please give all answers correctly.

1. Explain the considering phases of elasticity. How income elasticity defines normal and inferior goods, calculate and define them from the following Table-1? How cross elasticity explain complementary and substitute goods? Suppose the price structure of two goods are showed below at Table-2. Define whether they are substitution or complimentary? Income (1) Quantity Demand (Qx) 800 160 1200 320 1600 400 2400 480 3200 320 Table 1: Income Consumption Ratio Product A Product B Initial price $.69 Final price $.59 Initial quantity demand 680 million Changed quantity demand 600 million Table 2: Cross Price Elasticity