Calculate answers for the following scenarios if retailer markups are based on their selling price:
Definitions:
Price of Coffee
The amount of money required to purchase a specific quantity of coffee.
Budget Line
Represents the combination of goods a consumer can purchase with a specific budget at given prices.
Slope
The rate at which a line inclines or declines, showing the relationship between the change in the vertical axis to the horizontal axis.
Budget Line
A graphical representation of all possible combinations of two goods that an individual can purchase given their income and the prices of the goods.
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