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Business, 01.08.2019 01:30 patricia1964

Suppose that in year 1, jim’s quantity demanded of pepsi is 7 bottles per week, when the price of pepsi is $1.75 per bottle and jim’s income is $60,000. in year 2, jim’s quantity demanded of pepsi increases to 14 bottles per week, when the price of each bottle of pepsi is $1.75 and his income is $75,000. using the midpoint method, what is jim’s income elasticity of demand for bottles of pepsi between year 1 and year 2?

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Suppose that in year 1, jim’s quantity demanded of pepsi is 7 bottles per week, when the price of pe...
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