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The income elasticity for most staple foods

Question # 00578172
Subject: Economics
Due on: 08/24/2017
Posted On: 08/24/2017 10:19 AM

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Income Elasticity for Staple Foods

The income .com/economics/elasticity">elasticity for most staple foods, such as wheat, is known to be between zero and one.
a. As incomes rise over time, what will happen to the demand for wheat?
b. What will happen to the quantity of wheat purchased by consumers?
c. What will happen to the percentage of their budgets that consumers spend on wheat?
d. All other things equal, are farmers likely to be relatively better off or relatively worse off in periods of rising incomes?

Tags foods staple elasticity income happen relatively incomes income wheat elasticity staple foods equal wheatd spend farmers things better rising periods worse consumers likely purchased rise onea zero known time demand percentage consumersc quantity wheatb

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The income elasticity for most staple foods

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