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Calculate the income elasticity of the following goods and say whether they are necessities, luxuries, or inferior goods. When income decreases by 20%, the quantity

Calculate the income elasticity of the following goods and say whether they are necessities, luxuries, or inferior goods.

When income decreases by 20%, the quantity of gas demanded decreases by 10%.

When income increases by 10%, the quantity of new cars demanded increases by 15%.

When income increases by 25%, the quantity of baloney demanded decreases by 5%.

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