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Why the law of demand applies to food just

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Reference no: EM132879004

Australia food price are expected to increase this year. It is in this context answer the following questions:

Question (a) Explain why the law of demand applies to food just as it does to all other goods and services. Discuss the price elasticty of demand for food.

Question (b) Explain the drivers of rising food prices in Australia. Use the concept of elasticity to explain the changes in equilibrium price and quantity

Reference no: EM132879004

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