1. The income elasticity of demand for milk is negative (an inferior good). What is the implication...

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1. The income elasticity of demand for milk is negative (an ‘inferior’ good). What is the implication of this for milk producers?

2. Why do pork and lamb have relatively high price elasticities of demand compared with the other foodstuffs in the table? What are the implications of this for the relative stability or instability of the prices of pork and lamb compared with other foodstuffs?

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Essential Economics For Business

ISBN: 9781292728940

7th Edition

Authors: John Sloman, Elizabeth Jones

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