In June 2024
Answer to Question #324842 in Microeconomics for Sandy baby
Suppose that the income elasticity of demand for potatoes is −0.5 and the cross-price elasticity of demand for potatoes, with respect to the price of carrots, is 2. What will happen to the quantity demanded of potatoes when
a. There is a recession?
a. If there is a recession, then the quantity demanded of potatoes will increase, as it is an inferior good.
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