Which is true about the relationship between income and food expenditures for households talked about in poor economics with income elasticity of food less than 1. for a family of 3 that made $2,000 a year in 2018 and $3,000 a year in 2019. It spent $1,000 a year on food in 2018 We would expect them to spend $1,500 a year on food We would expect them to spend more than $1,500 on food We would expect them to spend less than $1,000 on food In 2019 we would expect the family to spend more than $1,000 but less than $1,500

Sailcloth & more currently produces boat sails and is considering expanding its operations to include awnings for homes and travel trailers. the company owns land beside its current manufacturing facility that could be used for the expansion. the company bought this land 5 years ago at a cost of $319,000. at the time of purchase, the company paid $24,000 to level out the land so it would be suitable for future use. today, the land is valued at $295,000. the company has some unused equipment that it currently owns valued at $38,000. this equipment could be used for producing awnings if $12,000 is spent for equipment modifications. other equipment costing $490,000 will also be required. what is the amount of the initial cash flow for this expansion project?