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Calculate the price elasticity of demand at that point

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Reference no: EM132246777

Suppose that the demand for wheat (measured in bushels) is given by:

Qw= 90- 8Pw

where Qwis the number of bushels demanded and Pwis the price per bushel.

(a) This year's harvest is 10 million bushels. Calculate the price elasticity of demand at that point.

(b) If next year's harvest were to fall below 10 million bushels, would the revenues received by wheat farmers increase or decrease?

Reference no: EM132246777

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