You are talking to your parents or grand parents. During the conversation you tell them that the price elasticity of Housing is 0.12 and Restaurant Meals is 2.27. The numbers don't make any sense to them and they ask you to explain what the numbers mean. Explain what the two numbers mean in layman terms.

You are talking to your parents or grand parents. During the conversation you tell them that the price elasticity of Housing is 0.12 and Restaurant Meals is 2.27. The numbers don't make any sense to them and they ask you to explain what the numbers mean. Explain what the two numbers mean in layman terms.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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