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insherro insherro
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7 years ago
Calculate the arc price elasticity of demand for wheat in the two situations below:

The Wheat Market   Farmer Brown's Wheat
Old price; $3.40/bu   Old price; $3.40/bu
Old quantity; 2.5 billion bu   Old quantity; 28,000 bu
New price; $3.20/bu   New price; $3.20/bu
New quantity; 2.525 billion bu   New quantity; 35,000 bu

Can you account for the difference in elasticities?
Textbook 
Economics for Managers

Economics for Managers


Edition: 3rd
Author:
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University of Ottawa - Economics for Managers
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andyborziandyborzi
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