Choose the correct answer below to explain the income elasticity coefficient on rib eye steak Question 7 options: a) a. Income elasticity measures the change in consumption in response to a change in income ; since the coefficient is greater than 1, we can assume that rib eye is an inferior good in income b) b. Income elasticity measures the change in consumption in response to a change in income ; from the sign on the coefficient, we can assume that rib eye is a normal good in income c) c. Income elasticity measures the change in consumption in response to a change in income ; since the coefficient is 1.4, this indicates that a 1% rise in income leads a 1.4% increase in the consumption of rib eye d) d. Income elasticity measures the change in consumption in response to a change in price ; since the coefficient is 1.4, this indicates that a 1% rise in the price leads a 1.4% increase in the consumption of rib eye. e) e. both b and d are correct f) f. both b and c are correct