Calculate the income elasticity of demand for DVDs, where a 10 percent increase in income results in a 20 percent increase in the quantity of DVDs demanded at a given price. Decide from your answer, whether DVDs are normal or inferior goods.
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Calculate the income elasticity of demand for DVDs, where a 10 percent increase in income results in a 20 percent increase in the quantity of DVDs demanded at a given price. Decide from your answer, whether DVDs are normal or inferior goods.
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