Problem 11 In 1977, Brazil was supplying about one third of the world's coffee exports. When a frost wiped out about 75%

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Problem 11 In 1977 Brazil Was Supplying About One Third Of The World S Coffee Exports When A Frost Wiped Out About 75 1 (23.18 KiB) Viewed 20 times

Problem 11 In 1977, Brazil was supplying about one third of the world's coffee exports. When a frost wiped out about 75% of the 1977 crop, the price of coffee rose about 400%. What was the approximate price elasticity of demand for coffee? Was the demand elastic or inelastic? Problem 2 Mr. A and mr. B have the following respective demands: a. b. Pa=25-5Q Pb-11-Q I Graph them on separate graphs. Mr. A has no X while mr. B has 10 X. What are their marginal and total values at these quantities? Using either method discussed in the chapter, how much each will have after trade? What will be their marginal values at these quantities?