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Q.3: A company is aware that it sells an inferior good with a coefficient of income elasticity of demand (-)0.5. At present it sells 500

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Q.3: A company is aware that it sells an inferior good with a coefficient of income elasticity of demand (-)0.5. At present it sells 500 units each year at an average price of 2,000 each. At the last budget, the Finance Minister forecast an increase in real income for the economy of 5%. How will the revenue earned by the firm change If the Minister Is correct In his/her forecast

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