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Answer on Economics of Enterprise Question for lindelwa mntambo

Question #9766
If income elasticity demands for a hormone- free milk is estimate +5.0, briefly explain what this value means and what it implies about the nature of the of the product.

Expert's answer
Such income elasticity means that if income increases for 10% it leads to increase in demand for 50%. It is obviously that this product is very important thus even a little change in income will result in significant increase of demand.

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