Given the following income elasticities of demand, would you classify the good as a luxury, necessity, or inferior good?
Definitions:
High Renaissance
High Renaissance represents a period in the late 15th and early 16th centuries in Italy, characterized by significant advancements in art and architecture, with figures such as Leonardo da Vinci, Michelangelo, and Raphael.
Central Italy
A geographical region of Italy that includes the administrative regions of Lazio, Marche, Tuscany, and Umbria.
Sistine Ceiling
The ceiling of the Sistine Chapel in Vatican City, famously painted by Michelangelo with scenes from the Bible.
Old Testament
The first part of the Christian Bible, comprising texts originally written in Hebrew and Aramaic before the coming of Christ.
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