Question: 3. (Module 48) Refer to the following table to answer this question. Quantity of Good X Quantity of Good Y 01000 -E_ 02000 a. Which

3. (Module 48) Refer to the following table to answer this

3. (Module 48) Refer to the following table to answer this question. Quantity of Good X Quantity of Good Y 01000 -E_ 02000 a. Which of these goods is a normal good and which of these goods is an inferior good? Explain. b. Use the midpoint formula to compute the income elasticity of demand for good X. Show your work. c. Suppose both markets for good X and Y are in equilibrium and the broader economy slips into a recession and incomes begin to fall. Will sellers of good X or Y see an increase in total revenue? Will both? Will neither? Explain

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