Question: question a) iii and question b) please Question 4 [:1 at The table below gives the quantity of good X demanded and supplied at various

question a) iii and question b) please

question a) iii and question b) please Question 4 [:1 at The

Question 4 [:1 at The table below gives the quantity of good X demanded and supplied at various prices Price (dollars) Quantity Demanded (units) Quantity Supplied (units) 30 1 3 20 3 3 10 4 3 i. Is the demand for good X relatively elastic, relatively inelastic, unit elastic, perfectly elastic, or perfectly inelastic when the price decreases from $30 to $20 7 Explain' ii. Is the supply of good X relatively elastic, relatively inelastic, unit elastic, perfectly elastic, or perfectly inelastic when the price decreases from $30 to $20 ? Explain. iii. If a per-unit tax is imposed on good X, how is the burden of the tax distributed between the buyers and sellers of good X? b Assume that the income elasticity of demand for good Y is Z Using a correctly labeled graph of the market for good Y, show the effect of a signicant increase in income on the equilibrium price of good Y in the short run. BI! 55

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