Suppose that when the price of corn is $2 per bushel, farmerscan sell 10 million bushels. When the price of corn is $3 perbushel, farmers can sell 8 million bushels.
Which of the following statements is true.
a. The demand for corn is income inelastic, and so an increasein the price of corn will increase the toral revenue of cornfarmers.
b. the demand for corn is income elastic and so an increase inthe price of corn will increase the total revenue of cornfarmers.
c. The demand for corn is price inelastic, and so an increasein the price of corn will increase the total revenue of cornfarmers.
d. The demand for corn is price elastic, and so an increase inthe price of corn will increase the total revenue of cornfarmers.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose that when the price of corn is $2 per bushel, farmerscan sell 10 million bushels. When the price of corn is $3 perbushel, farmers ...” 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
Which consumer influence is represented by the action of buying an item because everyone else is doing it?
Answers (1)
The average annual return on the S&P 500 Index from 1996 to 2005 was 20.36 percent. The average annual T-bill yield during the same period was 3.36 percent. What was the market risk premium during these ten years?
Answers (1)
Which of the following terms refers to a formal statement in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources? A.
Answers (1)
A restaurant chain sells 220,000 burritos each day when it charges $8.00 per burrito. for each $0.50 increase in price, the restaurant chain sells 10,000 less burritos. a. how much should the restaurant chain charge to maximize daily revenue
Answers (1)
Consider the following case:The Purple Lion Beverage Company expects the following cash flows from its manufacturing plant in Palau over the next six years:Annual Cash Flows Year 1 Year 2 Year 3 Year 4 Year 5 $400,000 $37,500 $480,000 $450,000
Answers (1)
New Questions in Business
Mike inherited some antiques. Pat agrees to buy them. In the contract, Mike and Pat agree to value the antiques at whatever the Sotheby's representative says. It is much higher than either of them anticipated. What is the outcome?
Answers (1)
Among the various kinds visual aids, tables are what?
Answers (1)
Tp-22 what test can be performed to detect a leak after fueling a gasoline-powered boat?
Answers (1)
Before any serious discussion of purchasing a business occurs a _ should be conducted
Answers (1)
A Security Classification Guide (SCG) is:
Answers (1)