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Data collected from the imaginary economy of Ilium reveals that an 18% increase in income leads to the following changes: a 29% increase in the quantity of marpod demanded; a 17% decrease in the quantity of degdan demanded; and a 14% increase in the quantity of sogem demanded

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Data collected from the imaginary economy of Ilium reveals that an 18% increase in income leads to the following changes: a 29% increase in the quantity of marpod demanded; a 17% decrease in the quantity of degdan demanded; and a 14% increase in the quantity of sogem demanded. (a.) Compute the income elasticity of demand for each of the goods described. (b.) Determine whether the income elasticity for each good indicates that it is a normal good or an inferior good. Hint: be careful to keep track of the direction of change. The sign of the income elasticity of demand can be positive or negative, and important information is conferred by the sign. (c.) Which of the three goods is most likely to be classified as a luxury good?