Consider the following fresh fish exports to GCCs (source: Annual Statistical Yearbook 2007)YearPrice (000` RO)Quantity (Tons)20071.037,347.820060.7011,342.820051.087,902.0 Using midpoint method, compute the elasticity of demand between 2006 – 2007 and 2005 – 2006.Interpret your answersDescribe two factors that affect price elasticity of demand for fish exported to GCCs.Do you think price elasticity of fish can positively inform trade policy decision makers in Oman? Why?

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following fresh fish exports to GCCs (source: Annual Statistical Yearbook 2007)

Year	Price (000` RO)	Quantity (Tons)
2007	1.03	7,347.8
2006	0.70	11,342.8
2005	1.08	7,902.0

Using midpoint method, compute the elasticity of demand between 2006 – 2007 and 2005 – 2006.
Interpret your answers
Describe two factors that affect price elasticity of demand for fish exported to GCCs.
Do you think price elasticity of fish can positively inform trade policy decision makers in Oman? Why?

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