Elucidate how each of the following people would talk about

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Q. Suppose we know that the income elasticity of demand for beer in cans in -0.3. If consumers' incomes go up by 20%, what would we expect to happen to the quantity of canned beer purchased?

Q. Elucidate how each of the following people would talk about scarcity and trade-offs. (a) the President of the United States (b) the leader of a developing nation (c) a U.S. citizens whose income is in the top one perccent (d) a U.S. citizen whose income is in the bottom 5 percent

Reference no: EM1353460

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