What is the income elasticity of a necessity, Finance Basics

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What is the income elasticity of a necessity

Problem

Give an example of a normal good. What is the income elasticity of a normal good? Give an example of a luxury good. What is the income elasticity of a luxury good? Give an example of a necessity. What is the income elasticity of a necessity? Give an example of an inferior good. What is the income elasticity of an inferior good?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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