Business, 15.03.2020 12:51 hello137348474747

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in 2016, average incomes in a country rose from 30 000 to 32 400. this caused a change in the quantity demanded for two particular products:x and y. The total annual quantity demanded for product x rose from 24 million units to 30 million units. however, the quantity demanded for product y fell from 10 units to 9 million units.

1. Calculate the income elasticity of demand for products X & Y.

2. Are the 2 products (X & Y) income elastic or income inelastic.

3. Are the 2 products X and Y normal or inferior? Give an explanation in your answer.

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