Question: Relatively elastic ( E > 1 ) - Airline travel, long run 2 . 4 Fresh fish 2 . 2 New cars, short run 1

Relatively elastic (E >1)-
Airline travel, long run 2.4
Fresh fish 2.2
New cars, short run 1.5
Roughly unitary elastic (E =1)-
Private education 1.1
Radios and televisions 1.2
Shoes 0.9
Relatively inelastic (E <1)-
Cigarettes 0.4
Coffee 0.3
Gasoline, short run 0.2
Long-distance telephone calls 0.1
Instructions: In part a, enter your response as a whole number.
By how much would coffee sales decline if the price of coffee increased 10 percent?
%
If your local coffee shop raised its coffee prices by the same amount (10 percent), would sales decline by more, less, or the same amount as calculated in part a?
(Click to select)

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