Coffee On Demand
microeconmics,, can u answer the question?
At your coffee shop, you observe two regular customers. John spends $10 a week on coffee, whether the price rises or falls. Michael buys 20 cups of coffee, no matter what the price is.
1.What can you infer about each customer's elasticity of demand for coffee?
2.Knowing this information, what will happen to the revenues that you will get from each customer if you change the price of coffee? Explain.
First, the elasticity of demand is the sensibility of the demand(quantity) when the prices changes so:
1. Jhon elasticity is +(elastic), cuz when prices change he would change the quantity of cofee he buys, Michael´s elasticity is 0(inelastic) cuz no matter the price is he would buy 20 cups, no sensibily with the price.
2.You could have a big revenue with a very very high price of coffe. This is because Michael´s s elasticity of demand is inelastic, no matter if Jhon buy cofee or not.
Imagine the price you put is $30, Jhon dont buy cofee but Michael do and 20 ones, so you have a revenue of $600.
Esio Water & Beverage of Sarasota: Coffee, Tea, Juices & Sport Drinks On Demand
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