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Business, 12.02.2020 01:56 arisvianeygd3

Consider Maxine, a graduate student, whose consumption choices are focused on three goods: instant ramen, books, and fruits and vegetables. Every week she buys 10 cups of instant ramen which cost $2 a cup, 5 pounds of fruits and vegetables at $6 a pound, and 2 books, at a price of $15 each. These purchases use up all the income she has allocated to them. The income elasticity of books is 2 and the income elasticity of fruits and vegetables is 3. What is the income elasticity of instant ramen?

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