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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 2
It was pointed out that frequently the income elasticity for protein sources is greater than 1.0. Let's suppose it is 1.3 for milk: this means that if income goes up by 10 percent, expenditures on milk will increase by 13 percent. How can this be? What is going on here?
Explanation
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Income elasticity demand measures the de...
Agricultural Economics 3rd Edition by Evan Drummond, John Goodwin
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