4. Assume a piece of jewelry and 2 consecutive drops in its price. Also consider Alia's demand to be relative elastic in the price range from P, to P2, and that she perceives jewelry as a Giffen good...

Extracted text: 4. Assume a piece of jewelry and 2 consecutive drops in its price. Also consider Alia's demand to be relative elastic in the price range from P, to P2, and that she perceives jewelry as a Giffen good in the price range from P2 to P3. Draw her price-consumption curve with well-behaved preferences. Clearly label your graph.