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13. For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 4 percent. If, as a
13. For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 4 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped by 5 percent, what can you infer about the own price elasticity of demand for Big G cereal? Can you predict whether revenues on sales of its Lucky Charms brand increased or decreased? Explain
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Economic Issues and Policy
Authors: Jacqueline murray brux
6th edition
9781337001977, 1285448774, 133700197X, 978-1285448770
