What is Coffee's Price Elasticity
What is Coffee's Price Elasticity
Coffee is the most consumed & 2nd most traded commodity worldwide.
In economics, elasticity is the change in human behavior toward a commodity.
If a commodity's consumption varies greatly with price, it's elastic.
It's inelastic if the change in consumption is negligible.
Supply and demand affect coffee's elasticity.
Black coffee demand is stable, but specialty drinks from coffee shops or big brands may not be.
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