What is the practical significance of income elasticity coefficients? Explain the significance using as examples an income elasticity of 3.0 for automobiles and an income elasticity of 0.20 for home-cooked meals

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Income elasticity coefficients provide insights into the economy in terms of the impact of decreasing incomes on certain products. For example, products with relatively high income elasticity coefficients such as automobiles are generally hit hardest by recessions. Those with low or negative income elasticity coefficients, such as meals cooked at home, are much less affected.