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If a 10 percent increase in consumer incomes leads to a 15 percent increase in the quantity demanded for a good, the good is a
If a 10 percent increase in consumer incomes leads to a 15 percent increase in the quantity demanded for a good, the good is a ________ good with an income elasticity of ________.
a. necessity; 0.67
b. luxury; 0.67
c. necessity;
d. 1.5 luxury; 1.5
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