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1.3 Price determination in a competitive market

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Question 38

An artisanal coffee roastery has a price elasticity of supply of +1.6 for its specialty single-origin coffee beans. If the market price of these beans decreases from £15.00 to £13.50 per kilogram, the quantity supplied of this coffee will

increase by 16%16\%16%

decrease by 16%16\%16%

increase by 6.25%6.25\%6.25%

decrease by 6.25%6.25\%6.25%

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market