Assume that the income elasticity of demand for coffee is -2.5 and consumers' incomes increase by 10%. Which of the following statements is/are correct?
(i)There will be a 25% decrease in the quantity of coffee bought
(ii)Coffee is treated by consumers as a normal good
(iii) Coffee is treated by consumers as an inferior good
(iv) There will be a 4% decrease in the quantity of coffee bought