Ask Question
BusinessBusiness
14 August, 19:22

The shrimp harvest was unusually good this year. the demand curve did not shift from last year, but because of the abundant harvest, the price fell from $100 per sack to $85 per sack. the price elasticity of demand for shrimp is - 1.40. what happened to the total revenue of the fishermen? choose the closest answer. (hint: the percentage c

+2
Answers (1)
  1. 14 August, 19:28
    0
    Since the shrimp harvest was plentiful, the supply curve will shift to the right on the graph. Usually with a supply increase, the price will drop. The price elasticity is greater than the absolute value of 1. That means that the demand for shrimp is elastic. Thus, more people will buy more shrimp if the price is lower. Total revenue for the shrimp industry should increase. Even though price decreased, revenue grows due to the increase in quantity because it is elastic.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The shrimp harvest was unusually good this year. the demand curve did not shift from last year, but because of the abundant harvest, the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
One of your customers is delinquent on his accounts payable balance. you've mutually agreed to a repayment schedule of $500 per month. you will charge 1.40 percent per month interest on the overdue balance.
Answers (2)
What are the characteristics of products that are most suitable to be carried in finished-goods inventory retail stores?
Answers (1)
After the amount due on a sale of $23,900, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $14,340. a.
Answers (1)
A corporate bond was quoted yesterday at 102.16 while today's quote is 102.19. What is the change in the value of a bond that has a face value of $3,000?
Answers (1)
Shown below are selected data from the financial statements of the Supreme Company. (Dollar amounts are in millions, except for the per share data).
Answers (1)
New Questions in Business
Sundance Systems has the following transactions during July. July 5 Purchases 56 LCD televisions on account from Red River Supplies for $3,300 each, terms 3/10, n/30. July 8 Returns to Red River two televisions that had defective sound.
Answers (1)
Landow Company uses variable costing for internal purposes and wants to restate income to that of absorption costing for external reporting purposes. Landow's income under variable costing is $630,000.
Answers (1)
The students in Mrs. Reed's English class are reading the same $760$-page novel. Three friends, Alice, Bob and Chandra, are in the class. Alice reads a page in $20$ seconds, Bob reads a page in $45$ seconds and Chandra reads a page in $30$ seconds.
Answers (1)
Which of the following would not be included in calculating the incremental cash flow for a project? The firm expects sales of the new product to be $5,000,000 per year.
Answers (1)
The type of uncertainty that is in operation when an entrepreneur takes a gamble on an as yet non-existent market is called ambiguity. True False
Answers (1)
Home » Business » The shrimp harvest was unusually good this year. the demand curve did not shift from last year, but because of the abundant harvest, the price fell from $100 per sack to $85 per sack. the price elasticity of demand for shrimp is - 1.40.
Sign Up Forgot Password?