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(Figure: Good Y and Good X V) in Panel (A)

Question 71

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(Figure: Good Y and Good X V) In panel (a), the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b), the consumer's income increased from $400 to $480.
Panel (a) Panel (b) (Figure: Good Y and Good X V) In panel (a), the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b), the consumer's income increased from $400 to $480. Panel (a) Panel (b) ​ a. Using panel (a), calculate the income elasticity of demand for good X. What type of good is X? b. Using panel (b), calculate the income elasticity of demand for good X. What type of good is X?
(Figure: Good Y and Good X V) In panel (a), the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b), the consumer's income increased from $400 to $480. Panel (a) Panel (b) ​ a. Using panel (a), calculate the income elasticity of demand for good X. What type of good is X? b. Using panel (b), calculate the income elasticity of demand for good X. What type of good is X?
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a. Using panel (a), calculate the income elasticity of demand for good X. What type of good is X?
b. Using panel (b), calculate the income elasticity of demand for good X. What type of good is X?

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a. The consumer's income increased by 33...

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