Question: cm [20 points] Explain the following concepts. a. Explain the substitution and income effects of a price change for a normal good and an inferior

cm [20 points] Explain the following concepts. a. Explain the substitution and income effects of a price change for a normal good and an inferior good. b. List and explain three reasons why the demand for a good or service may be elastic. List and explain three reasons why the demand for a good may be inelastic. c. Describe quantity and revenue responses to price changes when the price elasticity of demand (5) takes on the following values: in s=0. (ii) 0 > e > 71, (iii) a = 71, (iv) e

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