Is the demand for a necessity income elastic or incomeinelastic? Is the demand for a luxury income

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Is the demand for a necessity income elastic or incomeinelastic? Is the demand for a luxury income elastic or incomeinelastic?

Is the income elasticity of food higher or lower in countries with low incomes compared to countries with highincomes?

The demand for a necessity is income_______ and the demand for a luxury is income_______.

elastic; elastic

elastic; inelastic

inelastic; inelastic

inelastic; elastic

In countries with lowincomes, such as Tanzania andIndia, the income elasticity of food is

than in countries with highincomes, such as Canada and the United States.

Posted Date: Jul 01, 2024 03:06 AM

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Is the demand for a necessity income elastic or incomeinelastic? Is the demand for a luxury income

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