Question: this is a 3 part question. use my notes and your knowledge (not Google) 4 Explain why a decrease in price leads to a smaller

this is a 3 part question. use my notes and your knowledge (not Google)

this is a 3 part question. use my notes and your

4 Explain why a decrease in price leads to a smaller change in quantity demanded. Provide a real world example (a product or a service )showing such demand inelasticity 5 Define Pareto efficiency and provide a real world example describing the process where Pareto efficiency is achieved and where Pareto efficiency is not achieved 6 Discuss (not describe) three conditions where market failures occur

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