lectur14-page65 - be. The price of salt is such a small...

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65 Proportion of the Consumers Budget a Good or Service Represents The less of a consumers budget a commodity represents, the more inelastic the demand curve will tend to
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Unformatted text preview: be. The price of salt is such a small percentage of our budgets, that consumption of salt will not be affected very much by a price increase....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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