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 the IED is above 0.0, the more demand will increase. The effect on price also depends on the PES. The more inelastic is the supply, that is the closer the PES is to 0.0, the more the effect will be. So the combination in a is the correct one.
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