ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018.
Price
Quantity
(Bushels)
Year
(Dollars per bushel)
2017
$3.00
$2.00
8,000,000
2018
12,000,000
a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels
is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)
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Transcribed Image Text:The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Price Quantity (Bushels) Year (Dollars per bushel) 2017 $3.00 $2.00 8,000,000 2018 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)
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