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What will happen to the demand for wheat

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Reference no: EM132187008

The income elasticity for most staple foods, such as wheat, is known to be between zero and one.

  • As incomes rise over time, what will happen to the demand for wheat?
  • What will happen to the quantity of wheat purchased by consumers?
  • What will happen to the percentage of their budgets that consumers spend on wheat?
  • All other things equal, are farmers likely to be relatively better off or relatively worse off in periods of rising incomes?

Reference no: EM132187008

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