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  3. the income elasticity of turnips is 0.7. if consum

The income elasticity of turnips is 0.7. If consumers' incomes were to increase by 10%,...

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Finance

The income elasticity of turnips is 0.7. If consumers' incomes were to increase by 10%, what would be the percentage increase in the quantity of turnips consumed? Is turnip a normal good or an inferior good, and why?

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