Answer :
The the new quantity demanded (Qb) if the slope of the demand curve is 300 bushels
What is the price elasticity of demand using slope?
The price elasticity of demand using slope is the reciprocal of the slope bearing in mind that the price elasticity of demand is the percentage change in quantity over percentage change price
elasticity of demand=(new quantity-old quantity)/old quantity/(new price-old price)/old price
elasticity of demand=1/-1.2
new quantity=Qb=unknown
old quantity=230
new price=$7
old price=$11
1/-1.2=(Qb-230)/230/(7-11)/11
1/-1.2*-4/11=(Qb-230)/230
0.303030303=Qb-230/230
0.303030303*230=Qb-230
70=Qb-230
Qb=70+230
Qb=300
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