7. Given the following income elasticities of demand, would you classify the following goods as normal or

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7. Given the following income elasticities of demand, would you classify the following goods as normal or inferior goods?

a. Potatoes: elasticity 0.5

b. Pinto beans: elasticity 0.1

c. Bottled water: elasticity 1.1

d. Video cameras: elasticity 1.4

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Principles Of Microeconomics

ISBN: 9784492370292

6th Edition

Authors: John B. Taylor, Akila Weerapana

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Question Posted: Nov 05, 2024 04:00 AM

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7. Given the following income elasticities of demand, would you classify the following goods as normal or

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Principles Of Microeconomics

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