The income elasticity of demand (YED) for a product can be calculated by using the information in Table 2.
| Economic Indicator | Percentage Change |
|---|---|
| Percentage change in quantity demanded | -3% |
| Percentage change in average consumer income | +4% |
Which one of the following options best describes the classification of this product?
Unitary income elastic
Inferior
Luxury
Normal and income elastic
