Explain the concept of income elasticity. Explain the signicance to a rm of: ^ A good with

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Explain the concept of income elasticity. Explain the signi¢cance to a ¢rm of:

^ A good with a positive income elasticity of more than 1.

^ A good with a positive income elasticity between 0 and 1.

^ A good with a negative income elasticity.

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