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socrateaser, Attorney
Category: Business Law
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suppose that consumers expect that the price of orange juice

Resolved Question:

suppose that consumers expect that the price of orange juice will rise next month. We would predict thatthe equilibuium quantity of orange juice will _____ and the equilibrium price of orannge juice will l____this month.

as coffee priices go up just a little bit, if quantity demanded drop by a large amount, my queston is the supply and demand price elastic or price inelastic?
Submitted: 8 years ago.
Category: Business Law
Expert:  socrateaser replied 8 years ago.





If coffee prices rise only marginally, and demand falls precipitously, the price of coffee is elastic, because the market is unwilling to pay a different price for coffee.

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