Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. what is the absolute value of the price elasticity of demand? use the midpoint formula.

2.69

Explanation:

Given:

Initial price of the orange = $120

Final price of the orange = $180

Initial quantity of orange sold = 800 tons

Final quantity of orange sold = 240 tons

Now,

In midpoint formula

the percent change is given as

=

therefore,

The percent change in price of orange =  

also,

Average price of orange =  = $150

thus,

The percent change in price of orange =    = 0.4%

and,

The percent change in quantity of orange =  

also,

Average quantity of orange sold =  = 520

thus,

The percent change in quantity of orange sold=    = 1.0769

Therefore,

Absolute value of the price elasticity of demand

=

=

= 2.69

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