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:
What is the name of your category ?
Based on the price elastic of demand (OWN price elasticity) what we can say about your category? ( Mention numbers that you have found here) (Hint) Does it have an Elastic demand, inelastic demand or unit elastic demand?
If you are producing this good/service , How can you increase your revenue?
Hint) Look at the price elasticity if it is Elastic demand you better decrease the price and if that good has inelastic demand you better increase the price.
Base on income elasticity, what we can say about that good? ( Mention numbers that you have found also).
Hint) Is it normal or inferior? If it is normal is it Necessity or Luxury ?