QUESTION 6 Suppose, as a result of a 80% increase in your earnings, you buy 40% more Apple Airpods. Calculate the income elasticity of demand for Apple Airpods, rounding your answer to two decimal places O 0.67 O -0.67 O 1.5 O -1.5 O None of the answers QUESTION 7 Based on this calculation, Apple Airpods are considered a _ good? O inferior O normal O demanded O not demandedImagine the government sets a price control in the market for artisanal bread (shown in the diagram below) mandating that bakeries cannot sell bread for less than $30 per loaf. 50 45- 40- S 30 Price ($) 25 20- 15 10- 5 D 0 100 200 300 400 500 600 700 800 900 1000 Quantity After the price control, the quantity of artisanal bread supplied is and the quantity demanded is O a. 400, 700 O b. 500, 500 O c. 700, 400 O d. 600, 300 O e. 300, 600QUESTION 9 This type of price control is known as a O a. Not binding price ceiling. O b. None of the answers. O c. Not binding price floor. O d. Binding price ceiling. O e. Binding price floor. QUESTION 10 The consequence of this price control leads to O a. a shortage. O b. additional government revenue. O c a surplus. O d. None of the answers. O e. a price floor