User Account

All Pages

Calculate the change in the quantity of rye demanded

Assignment Help Microeconomics
Reference no: EM13835934

The following table gives data on the price of rye and the number of bushels of rye sold in 2013 and 2014.

Year

Price (Dollars per bushel)

Quantity (Bushels)

2013

$3.00

8,000,000

2014

$2.00

11,000,000


a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is___. (Enter your response as an integer. Include a minus sign if necessary.)

b. Calculate the change in the quantity of rye demanded divided by the change in the price of rye, but this time measure the quantity of rye demanded in millions of bushels. The change in the quantity of rye demanded divided by the change in the price of rye in millions of bushels is__. (Enter your response as an integer. Include a minus sign if necessary.)

Compared to part a, the answer to part b is in absolute terms (i.e., ignore the sign of these values).

c. Finally, assuming that the demand curve for rye did not shift between 2013 and 2014, use the information in the table to calculate the price elasticity of demand for rye. Using the midpoint formula, the price elasticity of demand for rye is___. (Enter your response rounded to two decimal places-do not forget to include the minus sign.)

 

Reference no: EM13835934

Questions Cloud

What actions would you suggest the bod to take : This double taxation is something most of the stockholders would like to avoid. A few hippies, however, don't care about the taxes; they think it is a good idea for the government to get more revenue. What actions would you suggest the board of direc..
Identify stakeholders that are currently being neglected : Try to identify specific stakeholders that are currently being neglected by the current approach to business, especially those in the more influential categories (such as dominant, definitive and dependent).
Select an athlete and study the performance trends : "Athletes' Performance" From the e-Activity, select an athlete and study the performance trends of his/her career. Once you have reviewed his/her performance trends, provide three bullets about how his/her career has been successful in the form of po..
Discuss the corporate social responsibility : Discuss the CORPORATE SOCIAL RESPONSIBILITY of each company - How important is the conceptual framework, and above pictured 8 principles of corporate governance are for the chosen companies
Calculate the change in the quantity of rye demanded : Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is___...
Find the compound amount and compound interest : Find the compound amount and compound interest
Provide analysis models using the traditional approach : develop BRD (Business Requirements Document) and FPR (Function Requirement Document ). Provide analysis models using both the traditional approach and Object-Oriented approach. Document the items of your analysis models.
What is the financial risk of the company : What is the financial risk of the company
Explain how and why fraud invalidates a contract : Prepare a document explaining how and why fraud invalidates a contract. Include in your treatment of this subject examples of undue influence and duress that can arise in the business context. Finally, you should describe some of the different types ..

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd