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Price elasticity of demand for coffee

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Reference no: EM133054149

The initial price of a cup of coffee is $1, and at that price, 200 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 300

Calculate the (Point) price elasticity of demand for coffee

Based on your answer, is the demand for coffee elastic or inelastic?

Based on your answer to a., if the price of coffee is increased by 5%, what will happen to the revenues from coffee? Carefully explain how you know.

This is a question should be based on Managerial Economics -Economic decision-makers - seventh editions (Name of the Book)

Reference no: EM133054149

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