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Suppose that the table below shows the retail price and sales for instant coffee and roasted coffee for 2009 and 2010. Year Retail Price of
Suppose that the table below shows the retail price and sales for instant coffee and roasted coffee for 2009 and 2010. Year Retail Price of Instant Coffee (SILb) Sales of Instant Coffee (Million Retail Price of Roasted Coffee ($lLb) Sales of Roasted Coffee (Million Lbs) Lbs.) 2009 10.34 74 4.06 821 2010 10.41 69 3.71 853 Using these data alone, estimate the shortrun price elasticity of demand for roasted coffee. Calculate the point elasticity using the 2009 price and quantity. The short-run price elasticity of demand for roasted coffee is ID. (Enter your response rounded to two decimal places.)
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