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When average incomes of its buyers were $60,000 per year, a certain cereal sold 1.4 million units. When incomes increased to $80,000 per year, the

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When average incomes of its buyers were $60,000 per year, a certain cereal sold 1.4 million units. When incomes increased to $80,000 per year, the cereal sold 2.0 milion units. Calculate the appropriate elasticity. Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places. Question 6 2 pts You must select all that apply (if more than one does) to get points for this question: The cereal described in the last question [is a luxury good is a normal good is a complement [) has demand that is relatively price elastic [ is an inferior good has demand that is relatively price inelastic is a substitute [) has demand that is unit elastic (with respect to price)

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