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1.If your income elasticity of demand for a good is 0.5 and you are currently spending 10% of your income on the good, and your

1.If your income elasticity of demand for a good is 0.5 and you are currently spending 10% of your income on the good, and your income goes up by 100% and assuming that there are no price changes, what will happen to the amount of money you spend on the good?What percentage of your income will be spent on the good after the income increase?

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