Organic vegetables are traded in a competitive world market, and the world price is usd 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic demand for various price levels are shown as follows:
$\begin{array}{lc}
\underline {\text { Price (usd /lb)} } & \underline {\text { US Demand (million lbs)} } \
6 & 26 \
6 & 22 \
9 & 18 \
12 & 14 \
15 & 10 \
18 & 6
\end{array}$ A. What is the equation for demand? B. At a price of usd 9/lb, what is the price elasticity of demand? C. At a price of usd 12/lb, what is the price elasticity of demand?

Question

Organic vegetables are traded in a competitive world market, and the world price is usd 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic demand for various price levels are shown as follows:
 $\begin{array}{lc}
 \underline {\text { Price (usd /lb)} } &  \underline {\text { US Demand (million lbs)} } \
 6 & 26 \
6 & 22 \
9 & 18 \
12 & 14 \
15 & 10 \
18 & 6
\end{array}$ A. What is the equation for demand? B. At a price of usd 9/lb, what is the price elasticity of demand? C. At a price of usd 12/lb, what is the price elasticity of demand?

Quizplus · Accepted Answer

The Answer of Organic vegetables are traded in a competitive world market, and the world price is usd 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic demand for various price levels are shown as follows:
 $\begin{array}{lc}
 \underline {\text { Price (usd /lb)} } &  \underline {\text { US Demand (million lbs)} } \
 6 & 26 \
6 & 22 \
9 & 18 \
12 & 14 \
15 & 10 \
18 & 6
\end{array}$ A. What is the equation for demand? B. At a price of usd 9/lb, what is the price elasticity of demand? C. At a price of usd 12/lb, what is the price elasticity of demand?

Organic Vegetables Are Traded in a Competitive World Market, and the World