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. When income rises from $50 to $52, quantity demanded of chicken increases from 2 pounds to 3 pounds a month. a.What is income elasticity?
. When income rises from $50 to $52, quantity demanded of chicken increases from 2 pounds to 3 pounds a month.
a.What is income elasticity?
b.How do you interpret this number?
c.How do you categorize this product?
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