Below, you are provided with the value of the income elasticity of demand for a good. You will use this information to identify the percentage change in the quantity demanded for that good that arises from a particular percentage change in the average income of consumers. You will also identify whether the good is a normal good or an inferior good.
The income elasticity of demand captures the percent change in the__________ (quantity demanded, price) of a good or service that results from a percent change in the average income of consumers.