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Managerial Economics Part III Problem Solving (20%) 1. If a consumer increases her quantity of ice cream consumed by 100% when her income rises by

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Managerial Economics

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Part III Problem Solving (20%) 1. If a consumer increases her quantity of ice cream consumed by 100% when her income rises by 25%. Calculate her income elasticity of demand for the ice cream and interpret the result. (Zmarks) 2. If Qs = -20 + 101), and Qd = 400 - 20]), what is the equilibrium price and quantity? (2 marks)

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