Wong et al. (2013) estimated that the own-price elasticities of demand for lamb, beef, and chicken in
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Wong et al. (2013) estimated that the own-price elasticities of demand for lamb, beef, and chicken in Australia are \(-0.71,-0.41\), and -0.28 , respectively. Are the demands for these products elastic or inelastic? Which product has the least elastic demand?
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