Question

11. The income elasticity of demand for some products are given below
Wine
2.61
Mutton
1.01
Cigarettes 0.58
Flour
-0.42
(a) Interpret above elasticities in terms of elastic, inelastic and
(6) Classify the above products on the basis of above elasticities.
(C) If income rises by 12 per cent what will be the percentage change
in demand for above products? solution answer​

Answer 1

Answer:

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