Question: Answer the following questions. (Use suitable graphs to explain your answers) For the income-quantity relationship in the following table (a) Sketch the Engel demand

Answer the following questions. (Use suitable graphs to explain your answers)
⦁ For the income-quantity relationship in the following table
(a) Sketch the Engel demand curve,
(b) Determine the type of the good. (05 marks)
Income $ 2000 4000 6000 8000 10000 12000 14000
Quantity 100 500 1000 1300 1500 1400 1100

⦁ Using the indifference curve analysis, derive the Hicksian, the Engle and the Slutsky demand curves for a Normal good and a Giffen good.
⦁ Illustrate the Hicksian and the Slutsky income effects and substitution effects for a normal good, Giffen good, and an inferior good.

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