Suppose the price of matcha tea in Chicago coffee shops increases by 10%, and the quantity of matcha tea demanded in Chicago coffee shops drops by 5% per day. Demand for matcha tea in Chicago is which one of the following a. price inelastic. b. perfectly price inelastic. c. price unit-elastic. d. price elastic.
Suppose the price of matcha tea in Chicago coffee shops increases by 10%, and the quantity of matcha tea demanded in Chicago coffee shops drops by 5% per day. Demand for matcha tea in Chicago is which one of the following a. price inelastic. b. perfectly price inelastic. c. price unit-elastic. d. price elastic.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 7SQP: Suppose a movie theater raises the price of popcorn 10 percent, but customers do not buy any less...
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Suppose the price of matcha tea in Chicago coffee shops increases by 10%, and the quantity of matcha tea demanded in Chicago coffee shops drops by 5% per day. Demand for matcha tea in Chicago is which one of the following
a. price inelastic.
b. perfectly price inelastic.
c. price unit-elastic.
d. price elastic.
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