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Suppose seedless grapes are a superior good, and traditionally-grown grapes are an inferior good. In aspecific year, China's economy experienced a recession, people's income decreased,
- Suppose seedless grapes are a superior good, and traditionally-grown grapes are an inferior good. In aspecific year, China's economy experienced a recession, people's income decreased, and the production cost of grapes remained constant. With the aid of a diagram, explain the changes in the revenues for the two markets and the grapes sellers.
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Essentials of Econometrics
Authors: Damodar Gujarati, Dawn Porter
4th edition
73375845, 978-0071276078, 71276076, 978-0073375847
