Table 5-1
Suppose a Coffee Shop Faces the Following Demand

question 173

Multiple Choice

Table 5-1
Suppose a coffee shop faces the following demand schedule for coffee. $\begin{array}{|c|c|}\hline \text { Price per coffee (\$) } & \text { Quantity demanded } \\\hline 4.00 & 200 \\\hline 3.00 & 600 \\\hline 2.50 & 800 \\\hline 2.00 & 1000 \\\hline 1.50 & 1200 \\\hline 1.00 & 1400 \\\hline\end{array}$
-Referring to Table 5-1, if the shop increases the price from $3.00 to $4.00, the price elasticity of demand will (according to the mid-point method) be:

• A)0.29 and inelastic
• B)0.29 and elastic
• C)3.5 and inelastic
• D)3.5 and elastic

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Definitions:

SSRIs

Selective Serotonin Reuptake Inhibitors, a class of drugs commonly used to treat depression by increasing levels of serotonin in the brain.

Serotonin Reuptake

A process by which neurotransmitters are reabsorbed by the neuron after being released into the synapse, relevant in the treatment of depression.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA, carrying genetic information.

DNA

Deoxyribonucleic acid, a self-replicating material which is the carrier of genetic information in nearly all living organisms.