*12. The table below shows the retail price and sales for instant coffee and roasted coffee for two years. a. Using these data alone, estimate the short-run price elasticity of demand for roasted coffee. Derive a lin- ear 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 elas- ticity of demand? Why do you think this is the case? YEAR RETAIL PRICE SALES OF RETAIL PRICE SALES OF OF INSTANT INSTANT OF ROASTED ROASTED COFFEE COFFEE COFFEE COFFEE ($/LB) (MILLION ($/LB) (MILLION LBS) LBS) Year 1 10.35 75 4.11 820 Year 2 10.48 70 3.76 850