A 3.5 percent increase in income leads to a 0.5 per cent increase in quantity demanded for a product. Which of the following statements is correct? Select one: O a. The income elasticity of demand is 0.14. Therefore the product is an inferior good. O b. The income elasticity of demand is -7.00. Therefore the product is an inferior good. O c. The income elasticity of demand is 7.00. Therefore the product is a normal and luxury good. O d. The income elasticity of demand is 0.14. Therefore the product is a normal and necessity good