12. The table below shows the retail price and sales for instant coffee and roasted coffee for...
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12. The table below shows the retail price and sales for instant coffee and roasted coffee for 1997 and 1998.
a. Using these data alone, estimate the short-run price elasticity of demand for roasted coffee. Derive a linear demand curve for roasted coffee.
b. Now estimate the short-run price elasticity of demand for instant coffee. Derive a linear demand curve for instant coffee.
c. Which coffee has the higher short-run price elasticity of demand? Why do you think this is the case?
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