Question: Relatively elastic ( E > 1 ) - Airline travel, long run 2 . 4 Fresh fish 2 . 2 New cars, short run 1
Relatively elastic E
Airline travel, long run
Fresh fish
New cars, short run
Roughly unitary elastic E
Private education
Radios and televisions
Shoes
Relatively inelastic E
Cigarettes
Coffee
Gasoline, short run
Longdistance telephone calls
Instructions: In part a enter your response as a whole number.
By how much would coffee sales decline if the price of coffee increased percent?
If your local coffee shop raised its coffee prices by the same amount percent would sales decline by more, less, or the same amount as calculated in part a
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