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3. Because of increases in economic growth, consumers' see an increase in their incomes of 10%. As a result, the demand for Good X increases

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3. Because of increases in economic growth, consumers' see an increase in their incomes of 10%. As a result, the demand for Good X increases by 8% and the demand for Good Y decreases by 2%. a. What is the income elasticity coefficient for Good X? b. Is Good X an inferior good, normal necessity, or normal luxury? c. What is the income elasticity coefficient for Good Y? d. Is Good Y an inferior good, normal necessity, or normal luxury

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