"I would pay any amount of money for my cup of coffee in the morning." What is the price elasticity of demand based on this comment? Enter a number only. Answer: Cattle producers are trying to raise prices by 10%. If the price elasticity of demand for the product is -1.75 and the income elasticity of demand is 2, by how much should producers reduce their production to obtain the 10% increase? Select one: on O a. 75% Q b. 75% O G. 2% O d. 17.5% O e. 20% If a good is a necessity item that accounts for a small part of the household budget, then demand will tend to: Select one: O a. be more price-elastic. estion O b.: have price elasticity equal to 1. O c. be less price-elastic. ? O:d. be the same as that of a luxury