Category: Dairy

Income Elasticity: (0.339890)

Own Price: (-0.274880)

Questions

1. What is the name of your category?

2) Based on the price elastic of demand (OWN price elasticity)what we can say about yourcategory?(Mention numbers that you have found here)

Hint) Does it have an Elastic demand, inelastic demand or unit elastic demand

3) If you are producing this good/service , How can you increase your revenue?

Hint) Look at the price elasticity if it is Elastic demand you better decrease the price and if that good has inelastic demand you better increase the price.

4) Base on incomeelasticity, what we can say about that good? (Mention numbers that you have found here)

Hint) Is it normal or inferior? If it is normal, is it Necessity or Luxury?