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The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Price Quantity (Bushels) 8,000,000 Year (Dollars per bushel) $3.00 $2.00 2017 2018 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)

The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Price Quantity (Bushels) 8,000,000 Year (Dollars per bushel) $3.00 $2.00 2017 2018 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Price Quantity (Bushels) Year (Dollars per bushel) 2017 $3.00 $2.00 8,000,000 2018 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)
Transcribed Image Text:The following table gives data on the price of rye and the number of bushels of rye sold in 2017 and 2018. Price Quantity (Bushels) Year (Dollars per bushel) 2017 $3.00 $2.00 8,000,000 2018 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is 4,000,000. (Enter your response as an integer. Include a minus sign if necessary.)
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