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Quantities Quantities Purchased Purchased GoodY $30,000 P}: = $6, P = $3 20 50,000 m: = $6, ' = $4 10 9) Refer to Table

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Quantities Quantities Purchased Purchased GoodY $30,000 P}: = $6, P = $3 20 50,000 m: = $6, ' = $4 10 9) Refer to Table 67. a. Using the information in the table, calculate the income elasticity of demand for good X and characterize the good. Use the midpoint formula. b. Can you calculate the income elasticity of demand for good Y? If you can, show your 1

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