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Determine income elasticity of demand for a good

An income elasticity of demand for a good equivalent to two implies roughly that: (1) demand curves for the good slope upward. (2) the product is an inferior good. (3) each 1% gain in income boosts the amount sold through 2%. (4) a 20% gain in income yields a 1% increase in sales. (5) (% change within Q) / (% change in P) = 2.

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