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Price elasticity of demand

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If a price of corn is $3.00 a bushel, 5,000 bushels would be demanded. If the price rises to $4.00 a bushel, 4,000 bushels would be demanded.

a. What is the (arc) price elasticity of demand?

b. Based on this answer, if the price of corn rose to $5.00 a bushel, what would be the demand for corn?

c. If the price of corn decreased from $4.00 to $3.00 a bushel, what would be the change in total revenue for sellers of corn?

d. If the price of corn increased from $4.00 to $5.00 a bushel, what would be the change in total revenue for sellers of corn?

Reference no: EM131376159

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