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What is formula used to measure income elasticity of demand

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Question: What is the formula used to measure the income elasticity of demand. Explain how this formula is used to distinguish a normal good from an inferior good. When Elon Musk recently stated that Tesla is "recession-resilient" he meant that his company's sales of automobiles can increase even during a recession when aggregate income declines. Does this mean Tesla automobiles are an inferior good? Explain.

Reference no: EM133300826

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