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Coffee plantations that starbucks uses as suppliers

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Suppose that tropical storms devastate many of the coffee plantations that Starbucks uses as suppliers. As a result, Starbucks at ASU raises the price for a cup of coffee from $1.00 to $1.25. Several days after the price change, the number of cups of coffee sold in a day has decreased from 3,000 to 2,775. What is the elasticity of demand at this time scale? Is demand elastic or inelastic? If storm recovery is slow so that prices stay the same for several months, do you expect the reduction in consumption from the first few days to increase, decrease, or stay the same? Briefly explain your reasoning

Reference no: EM131846260

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