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Price of Bottles of Bottles of Bottle of Wine Wine Month/Date Wine Consumed Produced January 2008 $38 125 245 January 2009 $36 135 225 January

Price of Bottles of Bottles of Bottle of Wine Wine Month/Date Wine Consumed Produced January 2008 $38 125 245 January 2009 $36 135 225 January 2010 $34 145 205 January 2011 $32 155 185 January 2012 $30 165 165 January 2013 $28 175 145 Based on the data above, calculate the price elasticity of demand coefficient of wine between January 2009 and January 2010. From the answer choices below, SELECT TWO answers. 1. Select one number corresponding with the calculated coefficient value. 2. Select one word to describe the demand for wine within the analyzed time frame. 1.25 Elastic )|Inelastic Normal Complement 1.10 Inferior 0.97 1.42 Substitute 0.85

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