16) Which of the following goods would have the most inelastic demand?
17) Consider a demand curve that has a constant elasticity value of 0. What happens to quantity demanded and total revenue when price increases?
18) Rank these three items in terms of the elasticity of the demand for them at any given price, from most elastic to least elastic: hot beverages, coffee and Peets' Coffee. A) hot beverages, coffee, Peets' Coffee B) Peets' Coffee, coffee, hot beverages C) coffee, Peets' Coffee, hot beverages D) coffee, hot beverages, Peets' Coffee
19) Economists estimated that the price elasticity of beer is -0.23 and the income elasticity of beer is -0.09. This means that