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vlabodo [156]
3 years ago
9

If the income elasticity for breakfast cereal is 0.6, and incomes increase by 10%, the demand for breakfast cereal will _____ by

_____%. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices decrease; 6 increase; 6 decrease; 12 increase; 12
Business
1 answer:
uranmaximum [27]3 years ago
7 0

Answer:

the quantity demanded for cereals will increase by 6%

Explanation:

as the consumer increase their consumption base on a higher income, a 10% increase in the consumer income will translate to a 6% in the quantity of cereals. That's because we know that:

Δcereals / Δincome  =  income elasticity

Δcereals / 10% = 0.6

Δcereals = 10% x 0.6 = 6%

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Answer:

Good samaritan statutes

Explanation:

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Answer:

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The correct answer between all the choices given is the third choice or letter C. I am hoping that this answer has satisfied your query and it will be able to help you in your endeavor, and if you would like, feel free to ask another question.

<span> </span>

8 0
3 years ago
Read 2 more answers
1 + 1 = ?<br> First to answer gets brainliest XD
Igoryamba
2

Hope this helps

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