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Suppose a consumer's income increases from $60,000 to $72,000. As a result, the consumer increases her purchases of compact disks (CDs) from 50 CDs to 60 CDs. What is the consumer's income elasticity of demand for CDs (arc or midpoint formula)? Please explain the steps. A) 2.0 B) 1.5 C) 0.5 D) 1.0
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