need help in figuring this out INCOME ELASTICITY OF DEMAND COLUMN Cheques 1st blank options1. -1.252. -0.8 3. 0.84. 1.25Hearts 2nd Blank options1. -1.52. -0.673. 0.674. 1.5Jokers 3rd Blank options 1. -3.82. -0.263. 0.264. 3.8 NORMAL GOOD OR INFERIOR GOODCheques 1st blank options1. Normal 2. InferiorHearts 2nd Blank options1. Normal 2. InferiorJokers 3rd Blank options 1. Normal 2. Inferior

7. Using the income elasticity of demand to characterize goods A survey taken by residents from the imaginary town of Cardsburgh tells economists that the following changes result from a 10% fall in income: . An 8% decrease in the quantity of cheques demanded . A 15% increase in the quantity of hearts demanded . A 38% decrease in the quantity of jokers demanded Compute the income elasticity of demand for each good and use the dropdown manus to complete the first colump in the following table. Then, based on the Income elasticties, classify each good as either a normal good of an interior good. (Hint: Be careful to keep track of the direction of change. The sign of the income elasticity of demand can be positive or negative, she the sigh gives important information!) Good Income Elasticity of Demand Normal Good or Inferior Good Cheques Hearts Jokers Which of the following three goods is most likely to be classified as a luxury good O Hearts Cheques O Jokers