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(Income Elasticity of Demand) Calculate the income elas- ticity of demand for each of the following goods: Quantity Demanded Quantity Demanded When Income When Income

(Income Elasticity of Demand) Calculate the income elas- ticity of demand for each of the following goods:

Quantity Demanded Quantity Demanded

When Income When Income

Is $10,000 is $20,000

Good1 10 25

Good2 4 5

Good3 3 2

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