help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / When banana prices decreased from $15 to $9 per box, Caribbean production fell from 8 billion to 6 billion boxes per month

When banana prices decreased from $15 to $9 per box, Caribbean production fell from 8 billion to 6 billion boxes per month

Economics

When banana prices decreased from $15 to $9 per box, Caribbean production fell from 8 billion to 6 billion boxes per month. Calculate the price elasticity of supply for Caribbean banana producers using the Midpoint Formula.

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

The elasticity is -1.75. Using the mid-point method, the elasticity is [(15 - 9)/(15 + 9)/2)]/[(6 - 8) / (6 + 8)/2] = 0.5 / -0.285 = -1.75.

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)