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What does it tell us about rate at which people will travel

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Reference no: EM133577447

Question: If our income elasticity for foreign travel is 3, what does it tell us about the rate at which people will travel abroad as our income increases? In contrast, if the income elasticity of demand for clothing is 0.5, does it mean that our total spending on clothing will increase as our income increases? Why or why not? Explain.

Reference no: EM133577447

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