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3 days ago

The own-price elasticity of demand for oranges at the farm level is -0.3. Suppose that an unexpected freeze occurs resulting in a 6% drop in orange production. Orange prices will



• Fall by 20%.

• Rise by 6%.

• Rise by 20%.

• Can't tell; insufficient information
Source  Download
Introduction to Agricultural Economics
Edition: 7th
Authors:
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3 days ago
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Rise by 20%.
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