Show that when there are two goods, both goods cannot be luxuries.

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A luxury is defined as a good for which the income elasticity

A luxury is defined as a good for which the income elasticity

Question
A luxury is defined as a good for which the income elasticity of demand is greater than 1. Show that when there are two goods, both goods cannot be luxuries.

A luxury is defined as a good for which the income elasticity

 

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