Question 2 (Essay Worth 5 points) (02.02-02.07 HC) Goods T, U, and V are related goods, each operating in a perfectly competitive market. a. As the price of Good T decreases from $4 to $2, its quantity demanded increases from 100 units to 300 units. Calculate the price elasticity of demand for this range. b. Good T is an input for Good U. Illustrate the effect of the price change from part (a) on a fully labeled supply and demand graph for Good U. Label the equilibrium price(s) and quantity or quantities. Use arrows to indicate any shifts. c. On your graph from (b), shade the change in consumer surplus in the market for Good U as a result of the change in part (a)