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Q1) if there is no tax on coffee, what is the price and how much coffee is consumed?Q2) What is the consumer surplus? Show your
Q1) if there is no tax on coffee, what is the price and how much coffee is consumed?Q2) What is the consumer surplus? Show your calculation.Q3) What is the price elasticity of demand when the price goes up from $4 to $5 dollars? Is the demand for coffee elastic or inelastic? Explain.
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