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PaulKet PaulKet
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6 years ago
A typical consumer spends 30% of income on housing and housing is a necessity for consumers (the income elasticity for housing is 0 < ξH < 1). What are the maximum and minimum values for the income elasticity of all other goods, ξO?
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Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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forrestforrest
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