The citizens of Lilliput spend a higher fraction of their income on food than do the citizens

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The citizens of Lilliput spend a higher fraction of their income on food than do the citizens of Brobdingnag. The reason could be that

a. Lilliput has lower food prices, and the price elasticity of demand is zero.

b. Lilliput has lower food prices, and the price elasticity of demand is 0.5.

c. Lilliput has lower income, and the income elasticity of demand is 0.5.

d. Lilliput has lower income, and the income elasticity of demand is 1.5.

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Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

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Question Posted: Jan 27, 2024 11:01 PM

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The citizens of Lilliput spend a higher fraction of their income on food than do the citizens

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Principles Of Microeconomics

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