Calculate the numerical value of income elasticity, ei, in each of the following situations. Do not round your interim calculations before obtaining the nal solution (i.e. do not clear your calculator). In each case, express the number to two decimal places and include a negative sign where appropriate (i.e. -1.67, not -1.7 or 1.667) but leave positive values without a plus sign (Le. 1.67, not +1.67). Identify whether the relevant product is normal or inferior. a. Purchases of automobiles rise from 2 million to 3 million when average consumer incomes per year increase from $50,000 to $70,000. The numerical value of income elasticity is |:| . An automobile is a(n) (Click to select) v product. b. A rise in average consumer incomes per year from $30,000 to $40,000 causes the quantity demanded of powdered milk to fall from 100,000 to 50,000 kgs. The numerical value of income elasticity is |:| . Powdered milk is a(n) (Click to select) v product. c. A fall in average consumer incomes per month from $3,000 to $2,800 leads to a drop in visits to massage therapists from 120,000 to 100,000. The numerical value of income elasticity is |:| . A visit to a massage therapist is a(n) (Click to select) v product