Question 5 (20 minutes) Your income is $ 3000, and the price of Y is $ 100, and the price of X is $ 100. Draw the demand curve for Y when the price of Y increases to $200. Y 98 28 24 22 20 18 16 40 14 12 10 4 2 10 12 14 16 18 20 22 24 26 28 30 Draw the demand curve for Y showing two points (with numbers) on the demand. (4 marks) Price Qty Y In the above price range, is the demand for Y elastic or inelastic? Why? (6 marks) Are Y and X substitutes or complements? Why or why not? (4 marks) Is Y a normal or inferior good? Why or why not? ( 2 marks) Is X a normal or inferior good? Why or why not? ( 2 marks)