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Suppose that household incomes in Sherbrooke changed from $96,200 to $111,800, and assuming no change in price, the quantity of a Kraft macaroni and cheesesold

Suppose that household incomes in Sherbrooke changed from $96,200 to $111,800, and assuming no change in price, the quantity of a Kraft macaroni and cheesesold changed from 81 to 99 cases per week.

a) What is the value of the income elasticity of demand for a Kraft macaroni and cheese?Round your answer to 3 decimal places.When applicable, remember to enter a minus () sign to indicate negative values. (Hint: Income plays a role here)

.........

b) What does this suggest about this product?

..........IneriorLuxuryNecessity

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