tax Income Increased
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An individual’s after-tax income increased substantially to $84,000 from his previous year’s after-tax income of $70,000. If he attended 10 theatrical performances in the previous year, how many performances would he be expected to attend this year if his income elasticity of demand for theatre was: (a) 2? (b) 1? (c) 0.5? Under each of thees scenarios, is theatre a normal, inferior, or luxury good for this individual?
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