Questions the average price of wheat per metric ton in 2012 was $30575. demand in millions of metric tons) in 2012 was 672. the average price of wheat per metric ton in 2013 was $291.56, while the demand was 700. calculate the elasticity and classify as elastic or inelastic -0.04 elastic -0.9, elastic -0.9; inelastic -3.84, elastic -0.04 inelastic

-0.9 ; inelastic

Explanation:  

Given:

The average price of wheat per metric ton in 2012 = $305.75

Demand (in millions of metric tons) in 2012 = 672

The average price of wheat per metric ton in 2013 =  $291.56

Demand (in millions of metric tons) in 2013 = 700

We will compute the elasticity using the following formula:

ε =

ε =

Now , we'll first compute  

i.e.   =

= 0.04081

Similarly for  

i.e. =

= -0.0475

ε =

ε = -0.859 -0.9

we know that ;

If, ε > 1 ⇒ Elastic

ε < 1 ⇒ Inelastic

ε = 1 ⇒ unit elastic

Here , ε = -0.859 -0.9

Therefore ε is inelastic.

total of apples - take away four

6-4 = 2

answer is 2 apples