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Question 4 Not yet answered Marked out of 1.00 Flagquestion Average income increases from $20,000 to $30,000. Quantity demanded per year increases from 5000 to 6000 units. Which of the following is correct? Select one: a. Demand is price inelastic. b. The good is inferior c. The good has a positive income elasticity of demand. d. Income elasticity is 2.0 Question 3 Not yet answered Marked out of 1.00 p An increase in bus fares reduces the total revenue of the public transit system. This is evidence that the demand is: Select one: a. Unitary elastic b. Price elastic. c. Price inelastic d. Perfect elastic