Question: Hi, I would like to know this question with an explanation. Thank you! Assume that household incomes in Sherbrooke changed from $64,400 to $75,600, and

Hi, I would like to know this question with an explanation. Thank you!

Assume that household incomes in Sherbrooke changed from $64,400 to $75,600, and assuming no change in price, the quantity of a popular product sold changed from 96 to 144 cases per week.

What is the value of the income elasticity of demand for a popular product in this case? and what does this suggest about this product? Inferior? Luxury? Necessity?

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