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1.Suppose that household income in Charlottetown increases from $44,000 to $45,000 and, assuming no change in price the quantity of Baker Baked Beans rises from

1.Suppose that household income in Charlottetown increases from $44,000 to $45,000 and, assuming no change in price the quantity of Baker Baked Beans rises from 90 to 94 cases per week.

a) What is income elasticity of demand for the beans?

b) What does this suggest about this product?

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