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You are the manager of a local tea shop called Unicorn Tears. You have the following information about the daily demand for your business Qdtea

You are the manager of a local tea shop called Unicorn Tears. You have the following information about the daily demand for your business

Qdtea= 50 5ptea+ 4pcoffee+ 6I 3psugar

WhereIis income. Suppose that the current equilibrium price and quantity are ptea*=3 and Qtea*=90.Which of the following statements regarding the price elasticity of demand at equilibrium is true?

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