(Solution Library) In 2001, the organization representing apple growers in Washington State purchased and destroyed about half the 4 million boxes of apples remaining
Question: In 2001, the organization representing apple growers in Washington State purchased and destroyed about half the 4 million boxes of apples remaining in cold storage from the 2000 crop. If the price associated with 2,000,000 supply of apples is $ 70 and the price of 4,000,000 supply of apples is $ 30, determine the price elasticity of demand for apples. Construct a graph displaying supply and demand analysis to show the effect on the equilibrium price and quantity of apples due to the apple growers decision to destroy one half of the crop. What must this organization conclude about the elasticity for the demand for apples?
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