The price of the coffe rose sharply last month, while the quantity sold remained the same. Each of the five people suggests an explanation- Tom: Demand increased, but supply was perfectly inelastic Dick: Demand increased, but it was perfectly inelastic Harry: Demand increased, but supply decreased at the same time Larry: Supply decreased, demand was unit elastic Mary: Supply increased, but demand was perfectly inelastic Who could possibly be right?

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Q: The price of coffee fell sharply last month, while the quantity sold remained the same. Five people…

A: The price of coffee fell sharply last month, while the quantity sold remained the same. Five people…

Q: The price of coffee rose sharply last month, while the quantity sold remained the same. Each of five…

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Q: What is the elasticity of demand?

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Q: what is Elastic Demand

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