Final answer:
The demands for restaurant meals, superfast broadband, and organic luxury coffee tend to be relatively price inelastic, meaning their demand doesn't change much with price shifts.
Step-by-step explanation:
The demands for products such as restaurant meals, superfast broadband, and organic luxury coffee tend to be relatively price-inelastic. This means that the quantity demanded does not change significantly with price changes. For example, the elasticity of coffee demand is estimated to be about 0.3, indicating a 10% increase in price results in only a 3% decrease in the quantity demanded. Such inelastic demand can lead to significant price fluctuations when there are shifts in supply.
When the supply of coffee decreases, as with the Brazilian frost, prices increase sharply; conversely, when supply increases, such as with Vietnam entering the market, prices can drop significantly. This behavior is indicative of a product that consumers consider essential or have few alternatives for, making them less sensitive to price changes.