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Refer to the table below to answer the next two questions. Assume that factors that may change the demand but are not listed in the
Refer to the table below to answer the next two questions. Assume that factors that may change the demand but are not listed in the table below do not change between the three months. Price Beef Demand Beef Price Turkey Demand Bacon Bacon Turkey November $40 $4 6 $2 6 December $50 $6 4 $4 5 January $60 $6 5 $4 4 What is the price elasticity of demand for beef bacon and for turkey between November and December, and between December and January? What is the income elasticity of demand for beef bacon between November and December, and between December and January? Is beef bacon a luxury, inferior or necessity
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