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Income Life Insurance Company of Louisville, Kentucky was incorporated in 1928 and began business in 1929. Initial paid in capital was $158,580 and was increased in 1930 to $192,630.
Good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases.