Economy, asked by mehtaparth69, 19 days ago

Discuss how the addiction of coffee would impact the price elasticity of demand for coffee.

Answers

Answered by vishwaapalani1462420

1

Explanation:

The elasticity of coffee demand is only about 0.3; that is, a 10% rise in the price of coffee leads to a decline of about 3% in the quantity of coffee consumed. When a major frost hit the Brazilian coffee crop in 1994, coffee supply shifted to the left with an inelastic demand curve, leading to much higher prices

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