J James New member Nov 5, 2009 #1 3. Suppose that the own-price elasticity of food is -0.7 and the price of food rises by 10%. Expenditure on food will a)not change b) increase c) decrease d) fluctuate Can any1 tell me the answer and why? thanks
3. Suppose that the own-price elasticity of food is -0.7 and the price of food rises by 10%. Expenditure on food will a)not change b) increase c) decrease d) fluctuate Can any1 tell me the answer and why? thanks
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