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Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is 0.09. This means that Select one: A. an

Economists estimated that the price elasticity of beer is -0.30 and the income elasticity of beer is 0.09. This means that

Select one:

A. an increase in the price of beer will lead to a decrease in the quantity demanded of beer and beer is a luxury.

B. an increase in the price of beer will increaase the quantity demanded of beer and beer is a normal good.

C. an increase in the price of beer will lead to an increase in revenue for beer sellers and beer is a normal good.

Please explain answer.

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