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Write the equation in form.
Normal Good
A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in consumer income, indicating whether a good is a luxury or a necessity.
Price Elasticity
The measure of responsiveness of the quantity demanded or supplied of a good to a change in its price.
Supply
The total amount of a good or service available for purchase at any given price.
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