Based on the price elasticity of demand for oranges, and the quantity produced, the impact on the price of oranges as a result of Hurricane Irma would be an increase by 14%.
The price elasticity of demand is found as:
= Change in quantity / Change in price
As we have the elasticity measure already, we can find the change in price:
-1.5 = - 21% / Change in price
Change in price x -1.5 = -21%
Change in price = -21% / -1.5
= 14%
The price will increase by 14%.
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