If income elasticity for a good is 2, then it is a

1.	If income elasticity for a good is 2, then it is a
Answer» LUXURY ITEM If income elasticity for a good is 2, then it is a Luxury item. A positive income elasticity of demand is associated with normal GOODS; an INCREASE in income will lead to a rise in demand.

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If income elasticity for a good is 2, then it is a Luxury item. A positive income elasticity of demand is associated with normal GOODS; an INCREASE in income will lead to a rise in demand.

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If income elasticity for a good is 2, then it is a

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