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Question: (A) Starbucks:
If the price of Starbucks coffee increase from $4 to $6, the quantity purchased decreases from 1,000 to 500. Using middle point elasticity formula to calculate the elasticity of demand of Starbucks coffee.
(B) Dunkin Donuts:
The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500.
Calculate the price elasticity of demand for coffee for Dunkin Donuts.
Suppose the demand curve for movie tickets has unitary price elasticity and the supply curve is perfectly price elastic. If 3 million tickets are currently sold at a price of $5, approximately how much tax revenue could the government generate from a..
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