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Now, assume that Hillarys annual income changes from $55,000 to $60,000 and this promtps a change in the number of 16oz pumpkin lattes she consumes
Now, assume that Hillary’s annual income changes from $55,000 to $60,000 and this promtps a change in the number of 16oz pumpkin lattes she consumes annually. Find the number of lattes that Hillary consumes after the income change, if she used to consume 360 lattes before experiencing an income change, and the income elasticity is 1.25.
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