Well, does it? This is an interesting, and short, podcast from Freakonomics about the odd effects that this recession has had on our waistlines. Some things to consider while listening: What do you think the cross-price elasticity coefficient is like between food and cigarettes? What do you think the income elasticity coefficient is like for cheap food and cigarettes? Which effect do you think matters most in determining how much cheap food we consume - the "income effect" (recession implies lower income) or the "substitution effect" (price of substitutes i.e. cigarettes increasing)?
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