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7) The price of a Starbucks coffee in their South Kensington branch rises from f2.80 to f3.10 and as a result demand for coffee falls

7) The price of a Starbucks coffee in their South Kensington branch rises from f2.80 to f3.10 and as a result demand for coffee falls from 22,000 to 21,000 cups per month. What is the elasticity of demand? (4 marks)

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