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A business can use income elasticity to forecast the effect of changing economic conditions and consumer incomes on their sales. Assume the economy goes into
A business can use income elasticity to forecast the effect of changing economic conditions and consumer incomes on their sales. Assume the economy goes into a recession and consumer incomes fall. Order the following three goods based on which is most likely to experience the HIGHEST drop in sales (1) to the LOWEST drop in sales (3). For each item, just select your number choice in the drop box. Rib Steaks Exotic cruise Ground Beef
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