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sashaice [31]
2 years ago
11

In 2017, Hurricane Irma had a significant, negative impact on the orange harvest in the state of Florida. The U. S. Department o

f Agriculture predicted that the quantity of oranges produced would be 21% lower than the previous year. If the price elasticity of demand for oranges is -1. 5, what impact would Hurricane Irma have on the price of oranges?.
Geography
1 answer:
Nookie1986 [14]2 years ago
4 0

Based on the price elasticity of demand for oranges, and the quantity produced, the impact on the price of oranges as a result of Hurricane Irma would be an increase by 14%.

<h3>What would be the price of the oranges?</h3>

The price elasticity of demand is found as:

= Change in quantity / Change in price

As we have the elasticity measure already, we can find the change in price:

-1.5 = - 21% / Change in price

Change in price x -1.5 = -21%

Change in price = -21% / -1.5

= 14%

The price will increase by 14%.

Find out more on price elasticity of demand at brainly.com/question/5078326.

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