Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 5, Problem 8SPPA

Did Starbucks start a pumpkin boom?

Ever since Starbucks introduced its famed pumpkin spice latte about a decade ago, pumpkin sales have skyrocketed.

Source: CNNMoney, October 1, 2014

The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic?

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Price Elasticity of Supply; Author: Economics Online;https://www.youtube.com/watch?v=4bDIm3j-7is;License: Standard youtube license