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Secondary SchoolEconomy 5 points
Find below the data for price elasticity and income elasticity of demand for 5 different commodities. Interpret the values in the table in the light of Whether the demand is elastic or inelastic for each of the commodities and why What do you mean by negative income elastic demand in case of commodity 3 Give example for each type of commodity.
Commodity Price Elasticity of demand
Income elasticity of demand
1) -0.3 +0.6
2) -1.45 +5.60
30 -5.09 -1.67
4) -0.7 +0.8
5) 1.0 +1.0
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heya mate
the commodity price is option 4)
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