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19 January, 22:15

Shep goes to his favorite coffee shop every morning and always buys one large latte, no matter whether there is a special or not (i. e., half-price Mondays).

What is his price elasticity of demand for lattes?

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  1. 20 January, 01:06
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    Price elasticity of demand = 0

    Explanation:

    The price elasticity of demand is zero because Shep's demand for lattes is perfectly inelastic since an alteration in price (i. e., half-price Mondays) does not affect consumption in the slightest, which means that he will always consume exactly one latte every morning regardless of price.
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