Suppose that the market for frozen orange juice is in equilibrium at a price of $1.40 per can and a quantity of 4200 cans per month. Suppose that when the price changes to $2.40 per can, the quantity demanded falls to 2600 cans per month, and the quantity supplied increases to 4800 cans per month. 

b. Calculate the price elasticity of demand for frozen orange juice between the prices of 51.40 and $240. In the demand elastic or inelastic? (Bo sure to use average prices and quantities when computing the percentage changes.) 

The price elasticity of demand for frozen orange juice between the prices of $1.40 and $2.40 is -0.89 (Enter your response rounded to two decimal places) In this case, demand is considered inelastic . 

Calculate the elasticity of supply for frozen orange juice between the prices of $1.40 and $2.40. Is the supply elastic or inelastic? (Be sure to use average prices and quantities when computing the percentage changes.) 

The price elasticity of supply for frozen orange juice between the prices of $1.40 and $2.40 is (Enter your response rounded to two decimal places.)

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b Elasticity of demand change in quantity demandedchan... View the full answer