Data collected from the economy of Royal City reveals that a 14% decrease in income leads to the following changes: An 11% increase in the quantity of clubs demanded A 2% decrease in the quantity of chips demanded A 27% decrease in the quantity of diamonds demanded Compute the income elasticity of demand for each good and use the dropdown menus to complete the first column in the following table. Then, based on its income elasticity, indicate whether each good is a normal good or an inferior good. Which of the following three goods is most likely to be classified as a luxury good classified as a luxury good?