User Account

All Pages

Calculate the price elasticity of demand for rye

Assignment Help Business Economics
Reference no: EM131857761

Suppose the following table gives data on the price of rye and the number of bushels of rye sold in 2010 and 2011. 

Year  Price/bushel  Quantity (bushels)

2010   $3.00        8 million

2011   $2.00        14 million

  1. Calculate the price elasticity of demand for rye. 
  2. Is the demand for rye elastic or inelastic? Explain
  3. Based on the calculated elasticity figure you can say that if price of rye increased by 10 percent, quantity of rye sold will fall by _____________ percent.  

Reference no: EM131857761

Questions Cloud

How can a firm maximise profits : 1. Which of the following is a macroeconomic question? A How can a firm maximise profits, given the state of the economy?
Compare price ceiling and price floor using demand : Compare price ceiling and price floor using demand and supply curves discussed in class.
Trends you are experiencing in your various organizations : What are some of the trends you are experiencing in your various organizations and/or fields related to compensation and benefits?
When there is no change in demand but decrease in supply : When there is no change in demand but decrease in supply, how about changes in equilibrium price and quantity, increase or decrease?
Calculate the price elasticity of demand for rye : Suppose the following table gives data on the price of rye and the number of bushels of rye sold in 2010 and 2011.
Ascertain the financial and economic viabilities of proposal : Your task is simply to summarize the results of your analysis in the answer-sheet provided separately - The economic (social) costs and benefits
Number of international treaties : Given this, we have a number of international treaties to ban child labor. Do you think these treaties are effective? What about other types of labor
What does having the unusual traffic going to mongolia add : What does having the unusual traffic going to Mongolia add to the complexity of resolving any potential incidents involving theft of intellectual property?
Important role in the capitalist economy : Give examples of how the Financial Markets play an important role in the capitalist economy?

Reviews

Write a Review

Business Economics Questions & Answers

  Measured by percentage of entire economy

Which of the following is true of the trends of imports and exports (measured by percentage of entire economy) in the US? 1) Imports up, exports down 2) Imports & exports both going up 3) Imports & exports both going down 4) Imports up, exports down

  Describe what will happen in market-example of price floor

Describe what will happen in the market in the following situations.. Will there be a shortage or excess? Identify an example of a price floor.

  About discrimination on the basis of national origin

Which of the following statements about discrimination on the basis of national origin is true?

  Post defining what software piracy

In your opinion and based on your research, submit a post defining what software piracy is, who it benefits, who it hurts, and how a Christian should deal with the problem?

  Suppose the demand for good

Suppose the demand for good X is Qdx=10-2Px + Py +M .the price of X is $1 the price of good Y is $10 and income is $100 given these prices and income how much of good X will be purchased?

  Q a a country recently passed food stamp legislation

q. a a country recently passed food stamp legislation. qualified households are given food stamps which can be used to

  What are the marginal revenue product values

A firm that sells headphones at $5 the piece has two plants, one in San Diego (US) and one in Tijuana (Mexico). Both plants make the same product but workers in Tijuana make $32 per day and workers in San Diego make $64 per day. What are the Marginal..

  Challenger-defender rate of return analysis

Which one, if any, of the alternatives should be selected? Use a challenger-defender rate of return analysis.

  Production and pricing decisions of a domestic producer

Evaluate the effects of these domestic and foreign policy actions on the production and pricing decisions of a domestic producer.

  The value of the price elasticity of demand

If you compute the price elasticity of demand using a quantity of tickets from 1 to 8 and using a quantity of tickets from 1,000 to 8,000, the value of the price elasticity of demand is

  Interpreting an individual supply schedule

Economics Writing Assignment Rubric: Interpreting an Individual Supply Schedule

  Money supply-the monetary base and money multiplier

In the nation of Wiknam, people hold $1,000 of currency and $4,000 of demand deposits in the only bank, Wikbank. The reserve–deposit ratio is 0.25. What are the money supply, the monetary base, and the money multiplier? Assume that Wikbank is a simpl..

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