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Last year, Maria made $54,000 and bought five purses. This year, Maria makes $60,000 and purchased seven purses. Holding other factors constant and using the
Last year, Maria made $54,000 and bought five purses. This year, Maria makes $60,000 and purchased seven purses. Holding other factors constant and using the midpoint method, it follows that Maria's income elasticity of demand is about
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