Question: a) Solve and identify (if they are luxuries, normal or inferior goods) the income elasticity coefficient, if: 1. Q1 5 Q2 = 11 11

a) Solve and identify (if they are luxuries, normal or inferior goods) the income elasticity coefficient, if: 1. Q1 5 Q2 = 11 11 = $4 12 = $8 13 2. Q1=2 Q2 = 15 11 $10 12 $5 3. Q1 4 Q2 = 14 11 $3 12 $17

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