Consider the market for coffee. For each of the following scenarios, what would happen to total revenue after the price increases? Place each scenario in the correct category. Items (5 items) (Drag and drop into the appropriate area below) Categories Increase Total Revenue OR Decrease Total Revenue OR Cannot Determine Coffee drinkers say there is no substitute. Coffee drinkers decide to save their money for alcohol on Friday nights. Coffee drinkers discover a flavor of tea that tastes like coffee. Leaf rust damages one-third of the world's coffee crop. Brazil has a drought.
Consider the market for coffee. For each of the following scenarios, what would happen to total revenue after the price increases? Place each scenario in the correct category. Items (5 items) (Drag and drop into the appropriate area below) Categories Increase Total Revenue OR Decrease Total Revenue OR Cannot Determine Coffee drinkers say there is no substitute. Coffee drinkers decide to save their money for alcohol on Friday nights. Coffee drinkers discover a flavor of tea that tastes like coffee. Leaf rust damages one-third of the world's coffee crop. Brazil has a drought.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the market for coffee. For each of the following scenarios, what would happen to total revenue after the
OR Decrease Total Revenue
OR Cannot Determine
Coffee drinkers say there is no substitute.
Coffee drinkers decide to save their money for alcohol on Friday nights.
Coffee drinkers discover a flavor of tea that tastes like coffee.
Leaf rust damages one-third of the world's coffee crop.
Brazil has a drought.
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