As I said at the beginning of class my goal for you is to be able to read news articles and interpret charts with a more critical and "economic" eye. That being said, this WSJ article is an excellent summary of the current economic climate as well as an excellent test of your economic prowess. What concepts have we covered that are inherent in this article? Can you compare the income elasticity with the cross-price elasticity? Which elasticity dominates? Or, do they reinforce each other?
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