Saved Problem 04-08 (algo) NEWS WIRE: INELASTIC DEMAND A Starbucks Java Jolt Just Got More Expensive Starbucks announced today that it is increasing the price of its brewed coffee by 10 cents a cup, or about 4 percent. A large "venti" cup of java will now cost $2.45 in Starbucks' 14, 000 U.S. locations. The company said the price increase was justified by rising costs, including labor. Analysts predicted that the price hike wouldn't deter most customers, as company loyalty is extremely high. Whatever sales might be lost for price-sensitive customers would be more than offset by higher revenues from loyal customers. The company's stock rose after the announcement. Source: News accounts of January 2021. According to the News Wire,Saved Problem 04-04 (algo) Given the table of elasticity estimates and price increases, calculate the percentage decrease in unit sales and then predict if total revenue should increase or decrease based on your calculations. Instructions: Enter your responses as a percentage rounded to one decimal place if necessary. Do not include a negative sign (-) with your answers. Degree of Elasticity Estimate Increase in Price (%) Decrease in Quantity Demanded (%, do not include a negative sign) Relatively elastic (E > 1) Airline travel, long run 2.4 50% Unitary elastic (E = 1) Shoes 0.9 50% Relatively inelastic (E Saved Problem 04-05 (algo) Degree of Elasticity Estimate Relatively elastic (E > 1) Airline travel, long run 2.4 Fresh fish 2.2 New cars, short run 1.5 Roughly unitary elastic (E = 1) Private education 1.1 Radios and televisions 1.2 Shoes 0.9 Relatively inelastic (E