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How does the introduction of the variable TIME affect the relationship between the demand for lamb and (a) its real price; (b) real disposable income
How does the introduction of the variable TIME affect the relationship between the demand for lamb and (a) its real price; (b) real disposable income per head? (35 points) 2. Does lamb now appear to be a normal good or an inferior good? Explain why (30 points) 3. What does the negative coefficient of PB indicate? Is model (2) a perfect model? Explain why.
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