For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 3 percent. If, as a result of this price increase, the volume of all cereal sold by Big G changed by - 5 percent, what can you infer about the own price elasticity of demand for Big G cereal? It is. Can you predict whether revenues on sales of its Lucky Charms brand increased or decreased? Yes - it decreased. No - you can't tell. Yes - it increased.
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