The economy has been in a recovery, and incomes have risen 35%. Product X, which previously sold at 100,000 units per week, is now selling at 105,000 per week. Which of the following statements is true about product X?
Product X is a normal good with income elasticity of -0.14.
Product X is an inferior good with income elasticity of -7.
Product X is a normal good with income elasticity of 0.14.
Product X is an inferior good with an income elasticity of 7.