Answer to Question #48688 in Other Economics for Morongwa
if theincome elasticity of demand for hormone-free milk is estimated at +5.0 briefly define what this value means and what it implies about natureof the product
If the income elasticity of demand for hormone-free milk is estimated at +5.0, we can observe positive income elasticity of demand, which is associated with normal goods, an increase in income will lead to a rise in demand.
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