The following table gives data on the price of rye and the number of bushels of rye sold in 2013
The following table gives data on the price of rye and the number of bushels of rye sold in 2013 and
2014.
| Year | Price (Dollars per bushel) | Quantity (Bushels) |
| 2013 | $3.00 | 77,000,000 |
| 2014 | $2.00 | 99,000,000 |
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 . (Enter your response as an integer. Include a minus sign ifnecessary.)b. Calculate the change in the quantity of rye demanded divided by the change in the price ofrye, but this time measure the quantity of rye demanded in millions of bushels. The change in the quantity of rye demanded divided by the change in the price of rye in millions of bushels is . (Enter your response as an integer. Include a minus sign ifnecessary.)Compared to part a,the answer to part b is larger smaller
in absolute terms(i.e., ignore the sign of thesevalues).c.Finally, assuming that the demand curve for rye did not shift between 2013 and2014, use the information in the table to calculate the price elasticity of demand for rye.Using the midpointformula, the price elasticity of demand for rye is . (Enter your response rounded to two decimal placeslong dash—do not forget to include the minussign.)
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