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Elasticity of demand: making cookies

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Income increase from 13000 to 17000. Cookies demand increased by 15% and the demand for peanut butter chips decreased by 10%. I have to calculate the income demand for the cookies and the peanut butter chips.

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Solution Summary

This solution discusses elasticity of demand.

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The elasticity of something is a ratio of percentages - i.e. if I change something by X% then how much ...

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