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If Starbucks's marketing department estimates the income elasticity of demand for its coffee to be 1.6, how will the prospect of an economic boom (expected
If Starbucks's marketing department estimates the income elasticity of demand for its coffee to be 1.6, how will the prospect of an economic boom (expected to increase consumers' incomes by 3 percent over the next year) impact the quantity of coffee Starbucks expects to sell?
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