It depends on what your image is and what quality, regardless of whether you choose quality for page loading, etc.
I personally save all of mine in .png, but IE has the problem of displaying .png colors correctly, so if you use them for aesthetic purposes, I would save .jpg
As for the size of the image, it is said that it really depends on the quality you want from your image, and how it affects performance if it is a large file.
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