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Tom eats a steak dinner twice a week and eats frozen meals three times a week. One day, he gets a 5% salary raise. As
Tom eats a steak dinner twice a week and eats frozen meals three times a week. One day, he gets a 5% salary raise. As a result, he decides to have three steak dinners and only one frozen meal per week. Calculate Tom's income elasticity of demand for steak dinners and frozen meals. Are steak dinners and frozen meals normal or inferior goods for Tom? Explain
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