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Economics - Financial Markets 8 Online
OpenStudy (nbester98):

The table below shows the number of coffees bought each day in the greater Hobart area at a variety of prices. Price ($) Quantity 6 0 5 3000 4 6000 3 9000 2 12000 1 15000 0 18000 Calculate the price elasticity of demand for coffee when the price of coffee is $3. Carefully interpret your answer. If all coffee shops increased the price of coffee to $4, what would happen to total revenue? Explain your conclusion.

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