Estimates of income elasticity of demand for selected products in the UK Income elasticity of demand 0.7 0.9 Food item Fish Milk and Eggs Meat 1.2 (Source: https://www.gov.uk/government/publications/food-and-drink-elasticities) Other things being equal, the data in the table suggest that: A The demand for milk and eggs is price inelastic B Meat and fish have a positive cross elasticity of demand C Fish, milk and eggs are all inferior goods D Meat has a higher income elasticity of demand than fish

Estimates of income elasticity of demand for selected products in the UK Income elasticity of demand 0.7 0.9 Food item Fish Milk and Eggs Meat 1.2 (Source: https://www.gov.uk/government/publications/food-and-drink-elasticities) Other things being equal, the data in the table suggest that: A The demand for milk and eggs is price inelastic B Meat and fish have a positive cross elasticity of demand C Fish, milk and eggs are all inferior goods D Meat has a higher income elasticity of demand than fish

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 2PA

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