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Determine the income elasticity of demand for a luxury car brand when a 12.5% increase in consumer income leads to a 25% rise in the
Determine the income elasticity of demand for a luxury car brand when a 12.5% increase in consumer income leads to a 25% rise in the car's sales; then, classify the car as either a normal or inferior good based on this result.4
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Macroeconomics Principles And Policy
Authors: William J. Baumol, Alan S. Blinder
11th Edition
0324586213, 978-0324586213
