Hello, I have an ag economics question. At the moment, I answered the parts however I could, but I would love your input on the problem. I have provided an image of the question. 1. = (11,075/53,387.5)/(-311.25/229.375), = 0.2074/-1.3569 = So the elasticity is -0.1528

2. Demand is income elastic

3. As the income of the consumer increases and the demand for a good decreases, then one can call this good inferior. So used, casual clothing may be classified as inferior.

Am I right???

When your income rises from $47,850 to $58,925 per year, your demand for used, casual clothing drops from 385.0000 to 73.7500 units. 1. Calculate the appropriate elasticity. 2. Interpret the elasticity. 3. Classify used, casual clothing. All final answers must have four decimal places