Question
Suppose incomes double over a period of years.
Which sorts of product will experience the biggest increases in price?Solution
The effect on price depends in part on how much demand increases: the further theĀ IEDĀ is above 0.0, the more demand will increase. The effect on price also depends on theĀ PES. The more inelastic is the supply, that is the closer theĀ PESĀ is to 0.0, the more the effect will be. So the combination inĀ aĀ is the correct one.
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