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Microeconomics question 1. Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from $45 a ton to $35 a

Microeconomics question
1. Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from $45 a ton to $35 a ton and quantity sold increased from 300 tons to 420 tons. What is the absolute value of the price elasticity of demand? Explain your answer. Answer: 2. At a price of $100, the tourists rented 11 bicycles for the city tour from a local bicycle rental shop. When its rental price increased to $125, 9 cycles were rented. Calculate the absolute value of the price elasticity of demand for rentals. Explain your

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