| Question | According to the U.S. Consumer Expenditure Survey for 2008, Americans with incomes below $20,000 spend about 39% of their income on housing. What are the limits on their income elasticities of housing if all other goods are collectively normal? Given that they spend about 0.2% on books and other reading material, what are the limits on their income elasticities for reading matter if all other goods are collectively normal? |
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| Subject | business-economics |
