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1) Assume that you are the manager of a company that produces cereals. A name of one of the cereals produced by the company is

1) Assume that you are the manager of a company that produces cereals. A name of one of the cereals produced by the company is called BranOats. Explain why the demand for BranOats would be more price elastic than the demand for cereals in general. (10)

2) Discuss how time affects the price elasticity of demand for normal goods produced by a business. Include in your answer an explanation of the meaning of normal goods. (15)

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