When average incomes of its buyers were $60,000 per year, a certain cereal sold 1.2 million units. When incomes increased to $80,000 per year, the cereal sold 1.0 million 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
When average incomes of its buyers were $60,000 per year, a certain cereal sold 1.2 million units. When incomes increased to $80,000 per year, the cereal sold 1.0 million 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
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
Problem 6.1IP
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When average incomes of its buyers were $60,000 per year, a certain cereal sold 1.2 million units. When incomes increased to $80,000 per year, the cereal sold 1.0 million 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.
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