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Due to the raise in Overnight Policy Rate (OPR) by 50%, the disposal income dropped by 15% and demand for Product A increase from 1.5million units to 1.95 million units. Please calculate the Income Elasticity of Demand and determine the nature of good for Product A. Use median formula to calculate.
A. +2, normal good
B. -2, Inferior good
C. +1.7, normal good
D. -1.7, normal good

Sagot :

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