(Figure: Good Y and Good X V) In panel (a), the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b), the consumer's income increased from $400 to $480.
Panel (a) Panel (b) 
a. Using panel (a), calculate the income elasticity of demand for good X. What type of good is X?
b. Using panel (b), calculate the income elasticity of demand for good X. What type of good is X?
Definitions:
Persuasive Advertising
A form of advertising designed to influence or persuade consumers to take a particular action, such as purchasing a product.
Managerial Discourse
The specialized language and communication practices used by managers and leaders within organizations to guide, motivate, and control.
Everyday Narratives
The stories and accounts that are regularly shared and circulated among individuals in their daily lives, shaping perceptions and understandings.
Self-Identity
An individual's understanding of themselves, including their characteristics, beliefs, and values.
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