Assume you have two income levels. The first income is the initial income equal to $500 and a new income level equal to $1000 Assume you have the following data on three goods: Name of Good Initial Q New 0 Good1 Steak 20 30 Good 2 Vacation 2 8 Good 3 Hot Dog 12 4 Compute the income elasticity for each good listed above in the table, State if the nature of the type of good based on the value of the income elasticity