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Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
Edition 3ISBN: 978-0136071921Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
Edition 3ISBN: 978-0136071921 Exercise 1
It was pointed out that the income elasticity for milk among the poor in developing countries is greater than 1.0. Interpret this by explaining what would happen if a poor person in such a country received one more dollar of income.
Explanation
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The income elasticity shows the responsi...
Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
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