The figure below illustrates the market for pumpkins just before the harvest for Halloween. Currently the market equilibrium price of a pumpkin is $6. At that price, consumers would buy them million pumpkins. Suppose a freak storm wipes out 30% of the pumpkin crop. On the graph, shift the appropriate curve to reflect the impact of the storm on the equilibrium price and quantity of pumpkins. figure calculate the price elasticity of demand for pumpkins. Use the midpoint formula. Round your answer to two decimal points.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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The figure below illustrates the market for pumpkins just before the harvest for Halloween. Currently the market equilibrium price of a pumpkin is $6. At that price, consumers would buy them million pumpkins. Suppose a freak storm wipes out 30% of the pumpkin crop. On the graph, shift the appropriate curve to reflect the impact of the storm on the equilibrium price and quantity of pumpkins. figure calculate the price elasticity of demand for pumpkins. Use the midpoint formula. Round your answer to two decimal points.
16
15
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2
1
Q
$2
D2
Quantity (in millions)
Transcribed Image Text:16 15 14 13 11 10 2 1 Q $2 D2 Quantity (in millions)
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