How is coffee ranked in comparison to other 'luxury' good markets such as alcohol and tobacco?
How is coffee ranked in comparison to other 'luxury' good markets such as alcohol and tobacco?
Homework Answers
Ans) When compared to tobacco and alcohol, coffee is ranked lower. It is because, consumer is willing any price for tobacco and alcohol but not for coffee. One reason could be that alcohol and tobacco are highly addictive when compared to coffee. Therefore, price elasticity of demand for coffee is relatively more elastic than for alcohol and tobacco.
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How is coffee ranked in comparison to other 'luxury' good
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