Question: Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities suppose we observe

Please answer a, b , c, d, or e and explain

Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities

suppose we observe that when price of good decreases, total spending on the good rises. from this data we can infer

a) that the good is a normal good

b) that the good is an inferior good

c) that the good is elastically demanded

d) that the good has no close substitutes

e) that the good is inelastically demanded

why. Economics 110. demand and supply analysis, demand and supply elasticitiessuppose we

Supply P1 Price Pz P3 Demand Quantity FIGURE 3-5

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