The estimated equation for the linear U.S. corn demand curve is where (p) is the price in
Question:
The estimated equation for the linear U.S. corn demand curve is
where \(p\) is the price in dollars per bushel and \(Q\) is the quantity demanded in billion bushels per year. \({ }^{5}\) What is the elasticity of demand at the point on the demand curve where the price is \(p=\$ 7.20\) per bushel?
Transcribed Image Text:
Q = 15.6 -0.5p, (3.5)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Substitute the slope coefficient b the price and the quantity val...View the full answer
Answered By
Samridhi sahal
EDUCATION:
2016-19 - MDS (Master in Dental Surgery)- Oral Pathology & Microbiology FROM Sharda University, School Of Dental Sciences, Greater Noida
2010-14 -BDS
Bachelor of Dental Surgery FROM I.T.S Dental College, Greater Noida
WORK EXPERIENCE:
Internship - I.T.S Dental College, Greater Noida
Consultant- Peoples Dental Clinic, Greater Noida
Oncology Posting - Dharamshila Hospital, Ashok Vihar, Delhi
TUTOR- Teaching Dental Anatomy , Oral Histology and Oral Pathology to post graduate students.
RESEARCHER- Have got grants for project and working as a researcher on the project in collaboration with sharda university and a pharmaceutical company
OTHER COURSES / CERTIFICATION:
1.Diploma in Diet Nutrition
2. GLOBAL HUB on Smokeless Tobacco- FCTC (Framework Convention on Tobacco Control)-WHO (World Health Organization)
3. Basic Life Support Expert- AHA (American Heart Association)
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The domestic supply and demand curves for Jolt coffee beans are given by P = 10 + Q and P = 100 - 2Q, respectively, where P is the price in dollars per bushel, and Q is the quantity in millions of...
-
Company borrowed fund for the construction of manufacturing plant at Multan of Rs. 300 million from ABL bank dated 1-1-2016 for years' period @15% pa. Construction was completed on 30 June 2017....
-
Suppose you are an importer of olive oil from Greece to the Switzerland. You are preparing to import an olive oil shipment of 100,000 lbs that will require payment in Euro () in 3 months. The...
-
We saw in Section 25.6 that DCC can be used to form a peptide bond. We explored the mechanism, and we saw that DCC activates the COOH moiety so that it readily undergoes nucleophilic acyl...
-
(a) In Figure 4.3, which box of popcorn first shows diminished marginal utility? (i) Total utility (ii) Marginal utility (b) In the cartoon "You can have too much of a good thing," which pizza slice...
-
A cooking pan whose inner diameter is 20 cm is filled with water and covered with a 4-kg lid. If the local atmospheric pressure is 101 kPa, determine the temperature at which the water starts boiling...
-
Determine if the mixed method aspect is concurrent, sequential,, or nested. Develop a hypothetical research scenario that would necessitate the use of the Mixed Method A-B-A Design. The research will...
-
Washington, Inc., makes three models of motorized carts for vacation resorts, X-10, X-20, and X-40. Washington manufactures the carts in two assembly departments: Department A and Department B. All...
-
1. (20 points) Pictured below is a spherical conducting ball of radius a surrounded by a spherical non-conducting "thick" shell of inner radius b and outer radius c. The conducting ball has a total...
-
What would be the effect of Arctic National Wildlife Refuge production on the world price of oil given that \(=-0.25, \eta=0.25\) (Baumeister and Peersman, 2013), the pre-Arctic National Wildlife...
-
Question 7.1 asks you to illustrate why an import ban might cause the equilibrium quantity of beef in the domestic market to rise. Depending on how the supply and demand curves shift, could the...
-
What conclusions do you draw about yourself and the firms in Exercise 3? How could each of these firms avoid your defection? Exercise 3 Identify two service businesses that you used several times in...
-
A rocket blasts off vertically from rest on the launch pad with a constant upward acceleration of 2.40 m/s. At 30.0 s after blastoff, the engines suddenly fail, and the rocket begins free fall.
-
A company will pay a dividend of $6.65, $10.75, and $13.95 per share for each of the next three years, respectively. Afterwards, it will stop paying dividends indefinitely. What should you be willing...
-
A 20 kg child slides down a hill where the coefficient of friction is 0.25. Determine the value of the coefficient of friction that would give the child an acceleration of 0.52. How do you find the...
-
Amazon Web Services has n servers, each of them either has high fault tolerance or high reliability. A system works better if all the servers have the same attributes. The inefficiency of a group of...
-
Suppose that a user wishes to request information on four of six given terms t, 12, 13, 14, 15, and to. How many quadruples of term does this involve? In other words, determine (a) the length of the...
-
Find the effective value of current if its mean value is I and its time dependence is (a) Shown in Fig. 4.34; (b) I ~, | sin wt | t
-
7. FALSE DILEMMA 8. GANDWAGON Definition: Fallacy example: How to revise argument: Definition: Fallacy example: How to revise argument:
-
1. There is asymmetric information in the used-car market because _________ (buyers/sellers) cannot distinguish between lemons and plums but _________ (buyers/sellers) can. 2. The supply curve for...
-
1. There is asymmetric information in the used-car market because _________ (buyers/sellers) cannot distinguish between lemons and plums but _________ (buyers/sellers) can. 2. The supply curve for...
-
1. There is asymmetric information in the used-car market because _________ (buyers/sellers) cannot distinguish between lemons and plums but _________ (buyers/sellers) can. 2. The supply curve for...
-
Nahele, a professional wrestler, went on a very strict liquid diet for 26 weeks to lose weight. When he began the diet, he weighed in at a healthy 285 pounds and during the diet, he consistently lost...
-
TOPIC: Huffman Coding Kindly answer the questions in a step-by-step procedure: 1. Prove that the optimal substructure exists in Huffman coding 2. Prove that greedy-choice exists in Huffman coding
-
In a triangle ABC, the measure of angle B is 3 times the measure of angle A, and the measure of angle C is 12 less than 6 times the measure of angle A Find the measure of the angles. The measure of...
Study smarter with the SolutionInn App