Econ 1001 Midterm Spring 2023 x Econ 1001 Midterm Spring 2023 x Course Hero C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366731 Economics 1001 - Section 5 - Online - Speicher Kyla Rose E Test: Econ 1001 Midterm Spring 2023 Question 16 of 25 This test: 200 point(s) possible This question: 8 point(s) possible Submit test Question list K The following table gives data on the price of rye and the number of bushels of rye sold in 2020 and 2021. Price Quantity Year (Dollars per bushel) Bushels) 2020 O Question 16 $3.00 8,000,000 2021 $2.00 10,000,000 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 O Question 17 demanded divided by the change in the price of rye in bushels is ]. (Enter your response as an integer. Include a minus sign if necessary.) b. Calculate the change in the quantity of rye demanded divided by the change in the price of rye, 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 if necessary.) O Question 18 Compared to part a, the answer to part b is in absolute terms (i.e., ignore the sign of these values). O Question 19 c. Finally, assuming that the demand curve for rye did not shift between 2020 and 2021, use the information in the table to calculate the price elasticity of demand for rye. Using the midpoint formula, the price elasticity of demand for rye is . (Enter your response rounded to two decimal places-do not forget to include the minus sign.) O Question 20 O Question 21 Time Remaining: 00:39:42 Next M Feb 28 12:32 5