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Question
Consider Country A that produces a large amount of turkey, keeping part of them for local consumption and exporting the surplus amount of turkey to other countries. Due to increasing price of turkey which adds to the higher living costs in Country A, there are increasing requests from the residents of Country A to make turkey more affordable.
In Country A, turkey is the cheapest white meat consumed by almost every household. It is also the main source of protein with very few close substitutes. Rearing turkey also needs time and a substantial amount of land. Based on this information and the understanding of determinants of the price elasticities of demand for and supply of turkey, classify turkey in terms of the price elasticity of demand and supply.
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