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In income increases from $10,000 to $12,000 and quantity changes from 16 to 20, what is the income elasticity of demand? If the price of

In income increases from $10,000 to $12,000 and quantity changes from 16 to 20, what is the income elasticity of demand?

If the price of milk increases from $2.85 to $3.15 a gallon and dairy farmers increase production from 9,000 to 11,000, using the midpoint formula calculate the price elasticity of supply.

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