The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. both goods are considered to be normal goods by a majority of consumers. suppose that a large income tax increase decreases the demand for both goods by 10%. refer to scenario 5-3. the change in equilibrium quantity will be:

1. minimum

2. 6400

3. eight

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region b will make the inequalities y < 2x + 1 and y > -x - 2 true ⇒ answer a

step-by-step explanation:

* lets study the graph and the inequality to solve the question

- the inequality y > -x - 2

∵ the form of the inequality is y > mx + c , m is the slope of the line

  and c is the y-intercept (the line intersect y-axis at point (0 , c)

∴ c = -2 that means the line intersect the y-axis at point (0 , -2)

∵ the sign of the inequality is >

∴ we shad the part over the line

  region a and b

- the inequality y < 2x + 1

∵ the form of the inequality is y > mx + c , m is the slope of the line

  and c is the y-intercept (the line intersect y-axis at point (0 , c)

∴ c = 1 that means the line intersect the y-axis at point (0 , 1)

∵ the sign of the inequality is <

∴ we shad the part under the line

  region b and c

∵ the common region between the two lines is region b

∴ region b will make the inequalities y < 2x + 1 and y > -x - 2 true