Define income elasticity of demand for vodka

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Question: 1. "Colombia, Brazil Advance Proposal to Withhold 10 Percent of Export Output" (Wall Street Journal, September 23, 1991, p. B6). A Colombian delegate to the International Coffee Organization said that if all its members withheld 10 percent of export output, the international price would rise 20 percent. This statement implies the elasticity of demand for coffee is approximately

2. In Russia, as per capita income rises from $1,980 to $2,020, everything else remaining constant, annual per capita consumption of vodka falls from 525 to 475 liters; this implies an income elasticity of demand for vodka of

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Reference no: EM132139615

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