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Elasticity is an important concept for businesses because it helps them make decisions abciut prices. Economists researching the price elasticity of demand for several grocery items found the following elasticities for common breakfast cereals: Based on what you leamed in this unit, why do you think some of the cereals above are more elastic than other cereals? If Shredded Wheat was in a difficult financial position and needed to increase its revenue, would it be better off raising or lowering its price? Explain your answer. Suppose that all the other cereals except for Froot Loops went out of business. What would you expect to happen to the price elasticity of demand for Froot Loops? Explain your