Answer the question blow

9:44 Back QUIZ 1.docx Question 2 (Total: 10 marks) Based on the Table 2 below, answer the following questions. Table 2 Price of Good A Quantity Demand for Quantity Demand for Income ( RM ) (RM) Good A ( kg ) Good B ( kg ) 8.50 450 300 1000 7.00 475 370 100 6.50 502 480 1200 6.00 548 620 1300 a. Calculate the income elasticity of demand for Good A and Good B if the consumer's income increases from RM1100 to RM1300. (4 marks) Good A Good B b. Calculate the cross elasticity of demand for good B when the price of good A decreases from RM7.00 to RM6.00. (2 marks) c. What is the relationship between good A and good B? (1 marks) d. If income is constant, calculate the price elasticity of demand for Good A if it's price falls from RM8.50 to RM6.50. State whether the demand is elastic or inelastic. (3 marks) e. Define price elasticity of demand. (1 mark) f. The schedule in Table 3 below shows a hypothetical demand for goodsQUIZ 1.docx f. The schedule in Table 3 below shows a hypothetical demand for goods X.Y and Z in year 2003 and 2004. Table 3 i) Calculate the income elasticity of demand for the three goods when income increases from RM2000 to RM2500. (6 marks) Good X Good Y Good 2 ii) Base on question f(i) above. state the type of each good and give an example. Table 4 mail-- -- -- -- (3 marks) (Total: 20 marks) (TOTAL: 30 MARKS)