what are income-elastic products?

can you give some examples relating to supermarkets.

Top 2 Answers

A few days ago

michelle s

Favorite Answer

Well income-elastic products often depend on the income of the family. For example, in some countries meat, eggs and milk are income elastic for all but the highest income families.

While for lower income families it might be rice.

Check out this presentation at http://core.ecu.edu/econ/lid/CH05hand.pdf

Hopefully it will help.

A few days ago

jen

Elastic, as when you are trying to stretch your dollars – buying generic store brands instead of name brands.

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