Price elasticity of demand over price range

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Q1. Study Plan Problems and Applications: Rain spoils the strawberry crop, the price raises from $4 to $6 a box, and the quantity demanded decreases from 1,000 to 600 boxes a week.

a. Calculate the price elasticity of demand over this price range.
b. Describe the demand for strawberries.

Q2. Gasoline prices above $3 per gallon have affected what enterprise rental car co can charge for various models of rental cars. suvs are @37 with one day return and subcompacts are #41 with one day return. Why would the equilibrium price of suvs be lower than the equilibrium price of subcompacts?

Reference no: EM136445

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