5. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 40 24 48 16 56 0.4 0.8 1.2 1.6 2.0 2.4 Question: What is the price elasticity of demand? What is the price elasticity of supply? Explain how you found those numbers. For this question the 100-word minimum does not apply. However, you do need more than a couple of numbers to get full credit. You also need to explain how you got those numbers.
5. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 40 24 48 16 56 0.4 0.8 1.2 1.6 2.0 2.4 Question: What is the price elasticity of demand? What is the price elasticity of supply? Explain how you found those numbers. For this question the 100-word minimum does not apply. However, you do need more than a couple of numbers to get full credit. You also need to explain how you got those numbers.
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![5. The following table shows information on the demand and supply for apples at a
local farmers' market:
Price (dollars) Qd (apples) Qs (apples)
56
16
48
24
40
32
32
40
24
48
16
56
0.4
0.8
1.2
1.6
2.0
2.4
Question: What is the price elasticity of demand? What is the price elasticity of
supply? Explain how you found those numbers. For this question the 100-word
minimum does not apply. However, you do need more than a couple of numbers
to get full credit. You also need to explain how you got those numbers.](https://content.bartleby.com/qna-images/question/84be77e3-7e2a-48d9-923c-45508700aa71/9f0b3113-28d2-4e88-8cc6-b984433f5968/x64ep6a_thumbnail.jpeg)
Transcribed Image Text:5. The following table shows information on the demand and supply for apples at a
local farmers' market:
Price (dollars) Qd (apples) Qs (apples)
56
16
48
24
40
32
32
40
24
48
16
56
0.4
0.8
1.2
1.6
2.0
2.4
Question: What is the price elasticity of demand? What is the price elasticity of
supply? Explain how you found those numbers. For this question the 100-word
minimum does not apply. However, you do need more than a couple of numbers
to get full credit. You also need to explain how you got those numbers.
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