Economic expansion that increases consumer income

Reference no: EM13299995

a) Suppose the income elasticity of demand for pre-recorded music compact disks is +4 and the income elasticity of demand for a cabinet maker''s work is +0.4.

Compare the impact on pre-recorded music compact disks and the cabinet maker''s work of an economic expansion that increases consumer incomes by 20 per cent.

Reference no: EM13299995

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