Problem
Bad weather spoils the orange crop. As a result, the price rises from $3 to $5 a basket and the quantity demanded decreases from 1500 to 900 baskets a week. Over this price range, calculate the price elasticity of demand (using the midpoint method).
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.