help 4. Describe and draw the income and substitution effects of an increase in the price of bottled water. Under what conditions would bottled water be a normal good, an inferior good, a Giffen good? Discuss how the normal, inferior or Giffen good status of bottledwater would affect the income effect of the price increase and the demand for bottled water.**********************

Assuming the bottled water is normal good. With an increase in the price of bottled eater , given…

4. Describe and draw the income and substitution effects of an increase in the price of bottled water. Under what conditions would bottled water be a normal good, water would affect the income offect of the price increase and the demand for bottled water n inforior good, a Giffen good? Discuss how the normal, inforior or Giffen good status f bottled