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1. Explain the considering phases of elasticity. How income elasticity defines normal and inferior goods, calculate and define them from the following Table-1? How cross elasticity explain complementary and substitute goods? Suppose the price structure of two goods are showed below at Table-2. Define whether they are substitution or complimentary? Income (1) Quantity Demand (Qx) 800 160 1200 320 1600 400 2400 480 3200 320 Table 1: Income Consumption Ratio Product A Product B Initial price $.69 Final price $.59 Initial quantity demand 680 million Changed quantity demand 600 million Table 2: Cross Price Elasticity 2. What determines price elasticity? If the price of the product has increased from .5 to 1.5, 1 to 3 and 2 to 4.25 consecutively the quantity also changes from 2 to 3, 6 to 8 and 10 to 14.5 then calculate the price elasticity from point B to E, E to G and B to G. Calculate Arc elasticity and Graphic elasticity from point B to G, B to E and G to E. Compare one method to another at the same time previous to new state of condition, define which one among shows high elasticity and inelasticity? P N 1 K G DX .50 H 10 12 Q Fig-1: Price Elasticity 3. What do you mean by income consumption curve? Draw Engel curves from income consumption curve for any of your chosen normal and inferior goods. Explain the pattern of normal and inferior goods by Engel Law. 4. Exemplifies Band wagon, Snob and Veblen effects from your own experiences. How real income define substitution and income effects explain from the perspective of both normal and inferior goods. 200 40 50.4