Question: Consider the following demand function for good 'X': Q=9 -0.1px - Py + 0.01pz + 0.001Y, where Own price, PX = $120 Price of a

Consider the following demand function for good 'X': Q=9 -0.1px - Py + 0.01pz + 0.001Y, where Own price, PX = $120 Price of a related good, Py = $6 Quantity demanded = 18.75 Price of a related good, P, = $275 Consumer income, Y = $25,000 The income elasticity of demand, &, when equilibrium quantity is 18.75 units and income is $25,000 is equal to . (Enter a numeric response using a real number rounded to three decimal places.) In this case, the good is a luxury necessity

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