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Income elasticity of demand for hormone

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Explain and show graphically how this market would be affected if south africans chose to be more healthy?

Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone free milk and at the same time south african consumers chose to be more healthy?

If the income elasticity of demand for hormone free milk is estimated as +5.0 briefly define what this value means and what it implies about the nature of the product.

Reference no: EM13154270

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