Consider the following demand function for good X:
Q = 9 - 0.1p - Py + 0.01p + 0.001Y
where:
Own price, P = $120
Quantity demanded = 25.75
Price of a related good, P = $4
Price of a related good, P = $275
Consumer income, Y = $30,000
The income elasticity of demand when equilibrium quantity is 25.75 units and income is $30,000, is equal to enter your response rounded to three decimal places. In this case, the good is:
A. an inferior good
B. a normal luxury
C. an inferior necessity
D. a normal necessity