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7. Using the income elasticity of demand to characterize goods A survey taken by residents from the imaginary town of Draw City tells economists that the following changes result from a 16% rise in income: - A 3% increase in the quantity of tokens demanded - A 17% decrease in the quantity of kings demanded - A 34% increase in the quantity of clubs demanded Compute the income elastioty of demand for each good and use the dropdown menus to complete the first column in the following table. Then, based on the income elasticities, dassify each good as enther a normal good or an inferior good. (Hint: Be careful to keep track of the direction of change. The sign of the income elastioty of demand can be positive or negative, and the sign gives important information.) Which of the following three goods is most likely to be dassified as a fuxury good? Clubs Tokens Xings