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For each of the following demand functions, compute the income elasticity (at the given price p and income m), and determine whether the good is
For each of the following demand functions, compute the income elasticity (at the given price p and income m), and determine whether the good is a normal, inferior, or quasi-linear good and also whether the good is a luxury, necessity, or homothetic good. (a) x = 1000 200p + 20m, p = 35, m = 900 (b) x = 5m p
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