What would be the impact of higher income elasticity

Reference no: EM132242435

Question -

Why is the income elasticity of meat products higher than carbohydrate-based products (e.g. rice, wheat bread) in developing countries?

Why is the income elasticity of demand for food higher in developing countries than in developed countries?

What would be the impact of higher income elasticity on food demand and prices when developing country start to develop?

What policies the developing countries need to adopt to minimize the impact? Explain with a figure.

Instructions: Need 180 words.

Reference no: EM132242435

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