Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) A (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your
Philip sells homegrown heirloom tomatoes at a local farmer's market. Suppose for the past several weeks, Philip has been selling his tomatoes for $2.25 per pound and he has been selling 90 pounds of tomatoes each week. Suppose this week he drops the price of the tomatoes to $1.75 per pound and as a result of the price drop, he is stilling 110 pounds of tomatoes. (a) Using the midpoint rule, what is the percentage change in the quantity of tomatoes sold from the drop in price? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) A (b) Using he midpoint rule, what is the percentage change in the price of Philip's tomatoes? % (Enter your answer as a percentage with no decimals rounded to the nearest whole percent (i.e. 33% or -10%)) (c) Using the midpoint rule, what is the price elasticity of demand for Philips, tomatoes? (Enter your
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 4SQP
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Question
![Philip sells homegrown heirloom tomatoes at a local farmer's
market. Suppose for the past several weeks, Philip has been
selling his tomatoes for $2.25 per pound and he has been
selling 90 pounds of tomatoes each week. Suppose this week
he drops the price of the tomatoes to $1.75 per pound and as
a result of the price drop, he is stilling 110 pounds of
tomatoes.
(a) Using the midpoint rule, what is the percentage change in
the quantity of tomatoes sold from the drop in price?
% (Enter your answer as a percentage
with no decimals rounded to the nearest whole percent (i.e.
33% or -10%))
4
(b) Using he midpoint rule, what is the percentage change in
the price of Philip's tomatoes?
% (Enter
your answer as a percentage with no decimals rounded to the
nearest whole percent (i.e. 33% or -10%))
(c) Using the midpoint rule, what is the price elasticity of
demand for Philips, tomatoes?
(Enter your](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ace7dfb-aaa3-487d-87f7-8cba7bae26e4%2F8d55c170-867a-4b78-abc9-b6d49ee9a881%2Frz1r0de_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Philip sells homegrown heirloom tomatoes at a local farmer's
market. Suppose for the past several weeks, Philip has been
selling his tomatoes for $2.25 per pound and he has been
selling 90 pounds of tomatoes each week. Suppose this week
he drops the price of the tomatoes to $1.75 per pound and as
a result of the price drop, he is stilling 110 pounds of
tomatoes.
(a) Using the midpoint rule, what is the percentage change in
the quantity of tomatoes sold from the drop in price?
% (Enter your answer as a percentage
with no decimals rounded to the nearest whole percent (i.e.
33% or -10%))
4
(b) Using he midpoint rule, what is the percentage change in
the price of Philip's tomatoes?
% (Enter
your answer as a percentage with no decimals rounded to the
nearest whole percent (i.e. 33% or -10%))
(c) Using the midpoint rule, what is the price elasticity of
demand for Philips, tomatoes?
(Enter your
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