Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) A (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your

Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) A (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 4SQP

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