Under what situations are consumers better off besides

Reference no: EM13392562

Coffee prices in 1960 were .40 cents and are $1.65 in 2009. Income in 1960 was $10,000 and are $40,000 in 2009. Does this mean that society is worse off or better off in 2009 than in 1960? Under what conditions are consumers better off? Besides the change in the price, why would society be better off in 2000 than in 1960? show your work.

Reference no: EM13392562

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