Answer to Question #156005 in Economics for Lora

Question

Explain the concept of income elasticity of demand in relation to the following.

Tesco Value products are positioned as low-end products, in terms of their pricing and quality. The product line is marketed as a cheaper alternative to its competitors, such as Tesco Finest and Brand Named products. This results in a larger market share during times of economic recession, and where a higher incidence of unemployment is seen

Answer 1

1: there was a lot of farmland in the south (Correct)

2: there were many factories in the south (wrong)

3: the south was a slave (true)

4: There were fewer railways in the South than in the North (incorrect, North and South rail gauge difference was almost 9 cm: North standard is 4 feet 8 1/2 inches (1435 mm), most South roads are 5 feet ( 1524 mm)