Question: 3. Identify two goods each whose demand exhibits (a) high income elasticity, (b) low income elasticity, (c) high price elasticity, and (d) low price elasticity.

3. Identify two goods each whose demand exhibits

(a) high income elasticity,

(b) low income elasticity,

(c) high price elasticity, and

(d) low price elasticity. What accounts for the differences in elasticity? LO6-4

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