Question

why do wine have high income elasticity?​

Answer 1

Answer:

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Answer 2

Answer:

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Explanation:

A positive income elasticity of demand is associated with normal goods; an increase in income will lead to a rise in demand. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good.