Using the Apple's iPad product, put it your own setting and interpret it. (own imagination question)

Use a utility-theory model to illustrate the effect of a decrease in consumer income on an individual consumer's demand for your product. Your analysis should include four items (in bold): a. A utility-theory graph that depicts a budget constraint shift and the resulting change in demand for your product. (5 points) (Hint: a \"utility-theory graph\" has the quantities of two goods on the x and y-axes, a budget constraint, at least one indiference curve, and an indication of which point is the utility-maximizing bundle.) b. A calculation of the income elasticity of demand implied by this change in demand, using the midpoint method. (3 points) (Note: this will be an arc-elasticity, not a point elasticity.) c. Classify the good according to this income elasticity (as a necessity, luxury, or inferior good). (2 points) 0 Note that to calculate an income elasticity of demand, you must assume a minimum of four numbers: initial income, nal income, initial consumption, and nal consumption. . Label this graph Figure 4 and include a descriptive Title in the label. I Hint: See Figure 4 Examples in \"Problem Set 7 consumer behavior model gures and demand calibration\" for ideas. The examples are intended to show the range of scenarios that can be illustrated with this simple set-up. You may adapt one of these scenarios or create your own. I Ungraded suggestion: try to illustrate an important or realistic feature of how you think the irecasted/current recession (now resulting om the Covid-19 pandemic) will aect demand for your product. You can make your numbers realistic by researching actual prices and quantities demanded for an average consumer) and/or making sure the income elasticity that you calculate is theoretically reasonable and/or aligns with an income elasticity estimate you have found in your research