Economy, asked by rg30402, 2 months ago

examples for income elasticity of demand

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Answered by maitimahua81

1

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Examples of necessity goods and services include tobacco products, haircuts, water, and electricity. ... Inferior goods have a negative income elasticity of demand; as consumers' income rises, they buy fewer inferior goods. A typical example of such type of product is margarine, which is much cheaper than butter.

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