c. Suppose that the market for natural gas remained unregulated. It the price of oil had increased from $50 to $100, what would have happened to the free- market price of natural gas? '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 linear demand curve for roasted coffee. b. New estimate the short-run price elasticity of de- mand 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? RETAIL SALES OF RETAIL SALES OF PRICE OF INSTANT PRICE OF ROASTED INSTANT COFFEE ROASTED COFFEE COFFEE (MILLION COFFEE (MILLION YEAR (SILB) LBS} ISILB} LBS) Year 1 10.35 75 820 Year 2 10.48 70 350