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Lauren1 Lauren1
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Posts: 4120
Rep: 12 0
10 years ago
Last year the price of corn was $3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is $4 per bushel and the quantity of corn demanded is 7 million bushels. Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.)
A) 1
B) 0.47
C) 2.14
D) 0.29
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MrDerecheMrDereche
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#1
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Posts: 4097
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10 years ago
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Lauren1 Author
wrote...
#2
10 years ago
Thank you, this really, really helps Heavy Heart
wrote...
#3
10 years ago
You're welcome!
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