Suppose the demand for Dolce & Gabbana designer jeans increased from 42 000 to 56 000 when
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Suppose the demand for Dolce & Gabbana designer jeans increased from 42 000 to 56 000 when per-capita incomes rose from $65 000 to $71 500.
Calculate the income elasticity of demand coefficient (remember to use the midpoint method). Are Dolce & Gabbana designer jeans considered a normal or inferior good? Explain why. Are the jeans considered a luxury or necessity? Explain why?
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