Ryansaysthathewouldbuyonecupofcoffeeeverydayregardlessoftheprice.Ifheistellingthetruth,Ryan’s A: demand for coffee is perfectly inelastic. B: price elasticity of demand for coffee is 1. C: income elasticity of demand for coffee is 0. D: None of the above answers is correct.
Ryansaysthathewouldbuyonecupofcoffeeeverydayregardlessoftheprice.Ifheistellingthetruth,Ryan’s A: demand for coffee is perfectly inelastic. B: price elasticity of demand for coffee is 1. C: income elasticity of demand for coffee is 0. D: None of the above answers is correct.
1