Is the price of apples in india really around $2.48 in summer 2011?
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I do own and maintain numbeo.com the biggest online price database at the internet. It gets data from user contributions. I'm confused that many users enter the price of apples around $2.48 in India? If apples (fruits) are so expensive in India, I'd like to know why is it so expensive comparing to other prices?
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Answer:
Economic theory of price elacity of demand. higher the demand higher the price and vice versa. and the second thing is the per capita income is also rising...
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