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1. The following table shows the prices and quantity demanded of Alberta wheat in 2014 and 2015. The change in 2012 resulted from exceptional weather, resulting in a bumper crop.
2014 2015
Bushels demanded 1.74 billion 1.9 billion
Average price per bushel $3.70 $2.72
a. Using the midpoint method, calculate the price elasticity of demand for wheat.
b. What is the total revenue for Albertan wheat farmers in 2014? In 2015?
c. How did the bumper crop affect the incomes of Albertan wheat farmers? How could you have predicted this from your answer to part a?
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