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Is it possible to tell from the income elasticity of demand whether a product is a luxury good or a​ necessity?.

Is it possible to tell from the income elasticity of demand whether a product is a luxury good or a​ necessity?.
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Is it possible to tell from the income elasticity of demand whether a product is a luxury good or a​ necessity?.

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User Abilash
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1 Answer

6 votes

Yes. It is. It is possible.

answered
User Krist
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