Calculate the arc price elasticity of demand for wheat

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Reference no: EM13147297

Calculate the arc price elasticity of demand for wheat in the two situations below: The Wheat Market Farmer Brown's Wheat Old price; $3.40/bu Old price; $3.40/bu Old quantity; 2.5 billion bu Old quantity; 28,000 bu New price; $3.20/bu New price; $3.20/bu New quantity; 2.525 billion bu New quantity; 35,000 bu Can you explain/account for the difference, if any, in the two elasticities?

Reference no: EM13147297

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