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E. A recent study determined the following elasticities for Honda Civics: Price elasticity of demand 2 2 Income elasticitjF of demand 2 1. 5 The

E. A recent study determined the following elasticities for Honda Civics: Price elasticity of demand 2 2 Income elasticitjF of demand 2 1. 5 The supply of Civics is elastic. Based on this information, are the following statements true or false? Explain your reasoning. a. A 10% increase in the price of a Civic will reduce the quantity demanded by 20%. b. An increase in consumer income will increase the price and quantity,T of Cities sold

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