Name: Anonymous 2009-01-27 7:13
If the elasticity of demand for coffee is estimated to be -.16, and the quantity demanded is 4 billion pounds per year when the price is $3.60 per pound, how much coffee would be demanded at $2.40 per pound?
How do I solve this question? I don't know how to apply the proper math formula to calculate the answer.
How do I solve this question? I don't know how to apply the proper math formula to calculate the answer.