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In the past six months, Luke's take - home income increased from $ 4 , 0 0 0 per month to $ 5 , 0
In the past six months, Luke's takehome income increased from $ per month to $ per month an increase of While on vacation, Luke encouraged his wife to buy some new jewelry. Normally, his wife would only buy one item of jewelry while on vacation. However, this time she purchased four items of jewelry an increase of
The income elasticity calculated using the formula for income elasticity is and the jewelry items are a good.
a
; normal
b
; normal
c
; luxury
d
; luxury
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