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QUESTION
Suppose the income elasticity of demand for pre-recorded music compact disks is +5 and the income elasticity of demand for a cabinet maker's work is...
Suppose the income elasticity of demand for pre-recorded music compact disks is +5 andthe income elasticity of demand for a cabinet maker’s work is +0.5. Compare the impacton pre-recorded music compact disks and the cabinet maker’s work of a recession thatreduces consumer incomes by 10 per cent.
