a. Calculate price elasticity given the following information. Is the curve elastic, inelastic or unitary elastic?...

a. Calculate price elasticity given the following information. Is the curve elastic, inelastic or unitary elastic? Original Quantity:9800 lbs of coffee New Quantity: 6500 lbs of coffee Original Price: $10.99/lb New Price: $9.99/lb b. (6 pts) Given the elasticity calculated in part a, will the seller increase or decrease their revenue if they increase the price of coffee? c. (8 pts) Explain the determinants of elasticity.

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Rahul Sunny answered 1 year ago

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