The Price Elasticity of Demand Coefficient for Gourmet Coffee Is

question 17

Multiple Choice

The price elasticity of demand coefficient for gourmet coffee is estimated to be equal to 1.6.It is expected,therefore,that a 5% increase in price would lead to:

• A) a 16% decrease in the quantity of gourmet coffee demanded.
• B) a 16% increase in the quantity of gourmet coffee demanded.
• C) an 8% decrease in the quantity of gourmet coffee demanded.
• D) an 8% increase in the quantity of gourmet coffee demanded.

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