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16 May 2008

The Rich Drink Better Beer, Not More


The average item bought by the average buyer has an income elasticity of nearly one: most people roughly double their spending when their income doubles. But everything we buy consists of both a quantity dimension and a quality dimension. What's clear is that the income elasticity of demand for quantity is less than one: when [...]
Freakonomics 5/14/08 2:38 PM Daniel Hamermesh General beer Daniel hamermesh

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