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Please address the errors from the previous answer you provided in the attachment. This is the 2nd time i’ve had to come back to get corrections. I’ve spent close to $100 already and the corrections were not done. Thank you.1. Comments on this criterion: This aspect of the task requires some additional attention. The explanation for cross-price elasticity inaccurately states, “When demand is inelastic then any price increase will reduce revenue.” Please review how total revenue reacts to a price change when demand is inelastic and revise accordingly. Income elasticity and elasticity of demand are sufficiently addressed.2. Comments on this criterion: This aspect of the task requires some revision. The essay inaccurately states, “If a consumer puts a large share of their budget on a good, then the demand will respond more to an increase or decrease in price, which will cause the demand for this good to be inelastic.” Please review how elasticity of demand is impacted by a large share of consumer income devoted to a good and revise accordingly.3. Comments on this criterion: Appropriate examples for the availability of substitutes and the consumerÃ¢â‚¬â„¢s time horizon are provided. However, the example provided for groceries does not adequately support how the share of consumer income devoted to a good impacts elasticity of demand. Rather than focusing on necessities, consider identifying a product or service that is considered low-cost or high-cost. Then, explain how elasticity of demand is impacted.4. Comments on this criterion: The essay does not correctly identify the elastic range. Currently the range is identified where quantity demanded is 1 – 4.5. Please provide a range that uses only whole numbers.5. Comments on this criterion: The essay does not accurately identify the unit-elastic range. Please identify two points on the graph and be sure to use whole numbers rather than decimals (e.g., 4.5.)
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