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Mabel recently received a pay increase at work. She was making $50,000 but is now making $75,000. She used to consume steak once per week
Mabel recently received a pay increase at work. She was making $50,000 but is now making $75,000. She used to consume steak once per week but now eats it 3 times a week after her pay raise. Is steak a normal or inferior good for Mabel? Is she income elastic or inelastic for this good? Show your work
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