Micro Economics
https://data.ers.usda.gov/reports.aspx?ID=17825
Click on the above link, Then choose Australia and find
Price elasticity of demand ( Own Price) and
Income elasticity
for your category for Australia! then answer the following questions:
1) What is the name of your category ?
2) Based on the price elastic of demand (OWN price elasticity) what we can say about your category? Does it have an Elastic demand, inelastic demand or unit elastic demand?
3) If you are producing this good/service , How can you increase your revenue?
4) Base on income elasticity, what we can say about that good?
Based on the price elastic of demand (OWN price elasticity) what we can say about your category?
