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Question:

Think of another good that you have purchased recently(or yo

by | Aug 11, 2022 | Recent Orders

Think of another good that you have purchased recently(or you could continue with the good you selected in TDA I). Be specific(e.g. is it breakfast cereal in general or Cheerios cerealspecifically). If the price of this item increases, how would thisaffect the quantity of the good that you consume? Is the Demand forthis good Price elastic or Price inelastic? Justify your classificationby talking about the determinants of elasticity as they apply to thisproduct. Say price is on the rise for this product and you are themanager of a store, would you be thrilled to be selling this product?Under what circumstances would you want to own a business that sellsthis product? In other words, how does an increase in price for thisgood affect your Total Revenue? Using specific examples, relate theconcepts of Cross Elasticity and Income Elasticity to this product.  references please(need for today)

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