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1-23-09 - • Dental EXACTLY 1 • Clothing 0.51 • Food...

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Microeconomics – Class Notes – 1/23/09 You NEVER multiply the elasticity by 100%
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EXAMPLE INCOME ELASTICITIES: Airline travel: Income elasticity is 5.82 (a luxury good) Movies: Income elasticity is 3.41
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Unformatted text preview: • Dental: EXACTLY 1 • Clothing: 0.51 • Food: 0.14 Cross-price elasticity • Tells us if the good is either a substitute good or complementary good...
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