Question: For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result

For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G changed by 4 percent, what can you infer about the own price elasticity of demand for Big G cereal?

It is (Click to select) = unit elastic, elastic, inelastic.

Can you predict whether revenues on sales of its Lucky Charms brand increased or decreased?

multiple choice 2

Yes - it decreased.

Yes - it increased.

No - you can't tell.

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