FIND THE BELOW DATA FOR PRICE ELASTICITY AND INCOME OF DEMAND FOR 5 DIFFERENT COMMODITIES. INTERPRET THE VALUES IN THE TABLE
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2. 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 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 3 -5.09 -1.67 4 -0.7 +0.8 5 1.0 +1.0
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