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(Income Elasticity of Demand) Calculate the income elasticity of demand for each of the following goods:
Quantity Demanded Quantity Demanded
When Income When Income
Is $10,000 is $20,000
Good1 10 25
Good2 4 5
Good3 3 2
What are the pros and cons of using expansionary and contractionary monetary policy tools under the following scenarios: depression, recession
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Elucidate what term do economists utilize to describe this second outcome
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