if the income elasticity of demand for hormone-free milk is estimated as +5.0 briefly define what...

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if the income elasticity of demand for hormone-free milk is estimated as +5.0 briefly define what this value means

Robert · Accepted Answer

if the income elasticity of demand for hormone-free milk is estimated as +5.0 briefly define what this 
value means 
Answer: 
The income elasticity of +5.0 means that demand for hormone-free milk is income elastic which means 
that if income increases by one percentage,

if the income elasticity of demand for hormone-free milk is estimated as +5.0 briefly define what this value means

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