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Consider the data in the table below for a hypothetical economy. Qty Demanded Average Price of Gasoline Household Gasoline (Millions of Year Income ($) ($llitre)

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Consider the data in the table below for a hypothetical economy. Qty Demanded Average Price of Gasoline Household Gasoline (Millions of Year Income ($) ($llitre) litres) 2009 70,000 1.08 1,800 2010 80,000 1.08 2,100 Calculate the income elasticity of demand for gasoline in this economy. (Round your answer to two decimal places.)

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