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Discuss consumer demand for a particular commodity

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Reference no: EM131567147

Question: Let D(p, m) indicate a typical consumer's demand for a particular commodity, as a function of its price p and the consumer's own income m. Show that the proportion pD/m of income spent on the commodity increases with income if Elm D > 1 (in which case the good is a "luxury", whereas it is a "necessity" if Elm D.

Reference no: EM131567147

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