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Percent change in the price of food

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Assume that demand increases 60% as before. Also assume that land area used for crops will increase by roughly 11% from 2010 to 2050. But now instead assume that yields increase by 1.5% per year leading to a 81% total increase in yields. In total, this implies a 100% increase in supply from 2010 to 2050. This alternative view could occur if there is a Green Revolution in Africa or new research discoveries dramatically increase yields around the world.

According to a survey of AGEC 315 students, the elasticity of demand is -0.26 and the elasticity of supply is 0.34.

Using these parameters, what is the percent change in the price of food from 2010 to 2050?

Reference no: EM131386341

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