Question
The table shows the own price elasticity of some items in different markets. Item Market Elasticity Consumer products Eggs China -0.78 Milk China -0.29 Soft
The table shows the own price elasticity of some items in different markets.
Item Market Elasticity
Consumer products
Eggs China -0.78
Milk China -0.29
Soft drinks U.S. -3.09
Liquor U.S. -0.2
Electricity (residential) India -0.65
Electricity (industrial) India -0.45
Based on the above table, which goods/services have elastic and which have inelastic demand? Are their values what you would expect?
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Managerial Economics And Strategy
Authors: Jeffrey M. Perloff, James A. Brander
3rd Edition
0134899709, 978-0134899701
