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The following estimates have been obtained for the market demand for cereal In Q 9 01 0 68 In P+0.75In A 1 3M where Q is the quantity of cereal,P is the

The following estimates have been obtained for the market demand for cereal In Q 9 01 0 68 In P+0.75In A 1 3M where Q is the quantity of cereal,P is the

The following estimates have been obtained for the market demand for cereal In Q= 9.01- 0.68 In P+0.75In A-1.3M, where Q is the quantity of cereal,P is the price of cereal,A is the level of adverstising, and M is income. Based on this information,determine the effect on the consumption of cereal of : a: A 5 percent reduction in the price of cereal. b: A 4 percent increase in income. c: A 20 percent reduction in cereal advertising.

abhinav behal 27-May-2020

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