Question: Draw the demand curve for Y showing two points (with numbers) on the demand. (4 marks) Price Qty Y In the above price range, is

range, is the demand for Y elastic or inelastic? Why? Are Y

and X substitutes or complements? Why or why not? Is Y a

Draw the demand curve for Y showing two points (with numbers) on the demand. (4 marks) Price Qty Y In the above price range, is the demand for Y elastic or inelastic? Why? Are Y and X substitutes or complements? Why or why not? Is Y a normal or inferior good? Why or why not? Is X a normal or inferior good? Why or why not?Your income is $ 600, and the price of Y is $ 20, and the price of X is $ 20. Carefully illustrate the substitution and income effects for both product Y and product X when the price of Y increases to $ 60. Y 28 70 26 24 25 22 20 18 16 14 10 12 10 2 6 8 10 12 14 16 18 20 22 24 26 28 30 X

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