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4. Assume the demand function for skin care products is given by Q = 1,000 - 20 P + 5I. If P = $25 and

4. Assume the demand function for skin care products is given by Q = 1,000 - 20 P + 5I. If P = $25 and I = $1,000 currently.

a. What is the income elasticity?

b. Are skin care products a normal good or an inferior good? Explain.

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