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
1
Expert's answer
2018-09-05T11:11:08-0400
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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