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In: Economics

The table below shows Harmony’s preferences for the number of songs she downloads per month, holding...

  1. The table below shows Harmony’s preferences for the number of songs she downloads per month, holding the prices of all goods constant.

Income ($)

Optimal number of songs

Income elasticity of demand for songs

20

2

30

4

40

8

50

10

60

10

  1. Complete the income elasticity of demand column for the table above (using the midpoint method).  Are songs ever an inferior good for Harmony?  At what level(s) of income are songs a luxury?
  2. Draw a smooth approximation of Harmony’s Engel curve for songs.

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