Question #80464

If the price elasticity of beef is greater than the price elasticity of coffee, it means that households are
1. more responsive or sensitive to a change in the price of beef than to a change in the price of coffee
2. more responsive or sensitive to a change in the price of coffee than to a change in the price of beef
3. more responsive or sensitive to a change in the demand for coffee than to a change in the demand for beef
4. more responsive or sensitive to a change in the demand for beef than to a change in the demand for coffee

Expert's answer

1. more responsive or sensitive to a change in the price of beef than to a change in the price of coffee

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Canada #340153 on Dec 2023