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There is no "normal" amount of 404 traffic. If your site has always been simple, and you've kept it clean, you might get zero 404's a day. If you run a free host, and have had people change all of their sites, you've removed violators and pics haven't got loaded to the pages, you might have 100,000 404's a day.
There's not even a good average percentage that a site should have...they depend on so many different factors.
The best thing to do with 404's is to sell or trade them, obviously. Many sponsors will work with you on a discount rate if you have enough volume. Several sponsors are setup specifically to handle them. You can also work out trade deals, or send them to your own properties if you can make use of the traffic. Or if your business thrives on return traffic and customer suppport, then you should send them to a pleasant page with several options that you think they might feel helpful, rather than force them somewhere unwanted.
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