Please help me answer these questions​

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Explanation:

1. Inelastic demand occurs when a change in price doesn't really have an effect on the quantity of the goods demanded. Examples of products with inelastic demand are salt and prescription drugs.

2. Elasticity for demand helps in the determination of the prices of factors of production. It is also vital in knowing how price changes will affect the revenue of the firm.

3. Normal goods are the goods that when income increases, the demand for them increases as well e.g. household appliances

For inferior goods, when Income increases, their quantity demand reduces. These are common with extremely cheap products.

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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