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Economics Suppose that as the income level increases by 1% that the quantity demanded of that same item increases by 6%. a. Calculate the income

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Economics Suppose that as the income level increases by 1% that the quantity demanded of that same item increases by 6%. a. Calculate the income elasticity of demand. (4 pts.) b. What two things does the value in a tell you about the good in question? (4 pts.)

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