Problem
The Chancellor of the Exchequer is advised that the price elasticity of demand for milk is 12 for low income groups and 023 for high income groups. Why might this information help to lead to the conclusion that milk is a suitable item to be subsidized by the government?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.