Below is the trade data for Dates (Thamar) from The Food and Agriculture Organization (FAO) for Morocco.The data represents import, export, price and quantity data for 2007 and 2017.Using the data presented in the table and chapters you learnt in ECON 200, please answer the questions individually.

Year Import Quantity (tons) Price $)

2007 50473 862

2017 70055 1,670

Year Export Quantity (tons) Price $)

2007 19 737

2017 178 1,989

1.Define price elasticity of demand

2.Using the mid-point method estimate price elasticity of import (% change import/% change in import price) between 2007 and 2017.

3.Using the mid-point method estimate price elasticity of export (% change import/% change in export price)

4.Compare and contrast import and export elasticity values.

5.What would be expected income elasticity of demand? (comment on elastic/inelastic with justification)

6.What would be expected cross price elasticity of demand? (comment on substitutes/complements with justification)

7.Assume that the biotechnologists were able to develop a new variety of dates "Madjool" which is more efficient in input use and more productive.Draw a new output (total product) curve.

8.Draw a new MC, ATC, and AVC curves and discuss the consequences of better input use and productive variety. Discuss what is likely to happen to output and price of date.

9.The US state of California was able to develop and plant a new variety of dates named as "Madjool".Discuss the Madjoon dates entry into the market in terms of a firm's profit and output.