QUESTION 9 If the demand for coffee beans is inelastic, then a rise in the price of those beans will cause the coffee farmers' total revenues to rise. True False
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- If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
- Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?How do you suppose the demographics of an aging population of Baby Boomers' in the United States will affect the demand for milk? Justify your answer.