A clip from the BBC showing falling demand for diamonds
http://news.bbc.co.uk/1/hi/world/south_asia/7688073.stm
a) How has the recession in the USA effected demand for Indian diamonds?
b) How would you therefore describe demand for Indian diamonds and what can you say about the value for the income elasticity of demand for Indian diamonds?
c) Why might diamonds be regarded as a superior goods
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