Business, 23.10.2019 00:00 jasmine12314

One of the growers is concerned about the price decrease caused by the spell of good weather because he feels it will lower revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.

using the midpoint method, the price elasticity of demand for apples between the prices of $10 and $8 per bushel is ( 0.41 or 0.82 or 1.22 or 1.64 ) which means demand is ( elastic or inelastic or unit elastic ) between these two points. therefore, you would tell the grower that his claim is ( correct or incorrect ) because total revenue will ( decrease or increase ) as a result of the spell of good weather.

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