4. L'urrently, cocoa sens tor 351.31) a pound. the ivory boast produces [U or the world's cocoa, ant president has announced that it will not sell cocoa for less than $2.10 per pound. Assume that the s of cocoa from other countries is perfectly inelastic in the short run and that the market price elastic demand is 1. In your answers below, use the arc elasticity formula. a. For the entire market, what is the required percentage reduction in cocoa sales to bring the mark