Calculate the income elasticity of demand for product X when I= $30. How could we classify product X? Do you consider commodity X a cyclical or non cyclical good? Explain why. Do you consider product X a luxury good or necessity? Explain why. Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place? At what price would demand be unit elastic, assuming all else equal. Justify your answer.