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2… Show more Answer questions using the information below

Paper help Economics 2… Show more Answer questions using the information below

Economics

2… Show more Answer questions using the information below

2… Show more Answer questions using the information below year price(dollars per bushels) quantity (bushels) 2010 $3.00 8 million 2011 2.00 12 million (a) calculate the change in the quantity of rye demanded divided by the change in the price of the rye.Measure the quantity of rye bushels. (b) calculate the change in the quantity of rye demanded divided by the change in the price of rye.But this time meassure quantity of rye in millions of bushels .compare your answer to the one you computed in part A. (c) Assuming that the demand curve for rye did not shift between 2010 and 2011. Use the information in the table to calculate the price elasticity of demand curve .use the midpoint formula in your calculation compare the value for the price elasticity of demand to the values you calculated in part a and b . • Show less

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