If the price of coffee is $4 per pound, how much coffee would consumers collectively be willing to purchase?
a. 3,000 pounds per year
b. 5,000 pounds per year
c. 8,000 pounds per year
d. 12,000 pounds per year
a. 3,000 pounds per year
Economics
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When the price of a cup of coffee falls from $3.00 to $2.50, the quantity demanded increases from 1,000 per month to 1,150 per month. Using the midpoint method, the price elasticity of demand is
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