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Answer :
Final answer:
Starbucks should lower the price of Skinny Mocha to increase total revenue.
Explanation:
The price elasticity of demand measures how responsive the quantity demanded of a product is to changes in its price. When the price elasticity of demand for a product is greater than 1, it means that the demand for the product is elastic, which implies that a change in price will have a proportionally larger effect on the quantity demanded. In this case, since the price elasticity of demand for Starbucks Skinny Mocha is 1.5, if Starbucks wants to increase its total revenue, it should lower the price of Skinny Mocha.
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