Question: This question has multiple answers. Select all that apply. Suppose the supply for a good is perfectly inelastic and the number of consumers in the

This question has multiple answers. Select all that apply.

Suppose the supply for a good is perfectly inelastic and the number of consumers in the market has increased. There are no other changes.

Equilibrium price is unknown

Equilibrium quantity is unknown

No change in equilibrium quantity

Demand decreases

Demand increases

Equilibrium price increases

Equilibrium quantity increases

Supply increases

Suppose the income of an individual has decreased from $600 to $500 a week. His consumption of a good X has increased from 10 units to 12 units a week. Calculate income elasticity of demand for good X.

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