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What is income elasticity

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Reference no: EM131279519

Please read the article: https://articles.latimes.com/2010/oct/01/business/la-fi-china-toilets-20101002

1) What is income elasticity? Give an example.

2) How does income elasticity of demand explain what happened in China?

3) What type of good can we call toilets?

4) What would happen to the toilets if China experiences a recession?

Reference no: EM131279519

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