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Elasticity: 4% (Please show your steps and calculation- use Arc elasticity)
In year one, Mike's income was $56,000 and went to the movies a total of 24 times. The next year, Mike's income increases to $68,000 and he saw a total of 28 movies. Assume the quality of movies did not change.
a. What is Joe's income elasticity of demand for movies?
b. What type of good is a movie for Joe?
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