Elasticity Exam Qs

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Explain why a firm might try to reduce the price elasticity of demand for its products. (3)

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In the UK, Freddo is a popular chocolate snack bought by children who are under 10 years old. Freddo’s income elasticity of demand is estimated to be –0.1
Explain one reason why the income elasticity of demand is significant to the producer of Freddos (3)

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