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Using the information in the table, calculate the income elasticity of demand for good X and characterize the good. Use the midpoint formula. Quantities Purchased

Using the information in the table, calculate the income elasticity of demand for good X and characterize the good. Use the midpoint formula.

		Quantities Purchased	Quantities Purchased
Income	Prices	Good X	Good Y
$30,000	Px = $6, Py = $3	2	20
50,000	Px = $6, Py = $4	5	10

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