Rain spoils the strawberry crop, the price of strawberries rises from 2 to 4 a box, and the quantity demanded decreases from 1,400 to 1 ,000 boxes a week. Calculate the price elasticity of demand over this price range. Describe the demand for strawberries. Over the price range of 2 to 4 the price elasticity of demand is 2. >> Answer to 2 decimal places

To calculate the price elasticity of demand, we can use the following formula:Price Elasticity of Demand = (Percentage Change in Quantity Demanded) / (Percentage Change in Price)Given information:- Initial price: 4 per box- Initial quantity demanded: 1,400 boxes per week- Final quantity demanded: 1,000 boxes per weekStep 1: Calculate the percentage change in quantity demanded.Percentage Change in Quantity Demanded = (Final Quantity Demanded - Initial Quantity Demanded) / Initial Quantity Demanded × 100Percentage Change in Quantity Demanded = (1,000 - 1,400) / 1,400 × 100 = -28.57%Step 2: Calculate the percentage change in price.Percentage Change in Price = (Final Price - Initial Price) / Initial Price × 100Percentage Change in Price = ( 2) / 2 to $4 is -0.29.The demand for strawberries is inelastic, as the price elasticity of demand is less than 1 in absolute value. This means that the quantity demanded is relatively insensitive to changes in price.