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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Is the process of gathering information about job applicants to decide who should be offered a job.
Answers (1)
Manufacturers of consumer products use transactional websites less frequently than other firms because in some industries, this form of vertical integration is illegal. there is a threat of channel conflict.
Answers (1)
The conditions for utility maximization are A. the law of diminishing marginal utility and the affordability rule. B. that the marginal utility per dollar on all goods is equal and the money spent on all goods adds up to the fixed budget. C.
Answers (1)
Luis is the sole shareholder of a corporation, and Eduardo owns a sole proprietorship. Both businesses were started in year 2015, and both make a profit of $80,000 in year 2015.
Answers (1)
Fresher Foods, Inc., orally agreed to purchase one thousand bushels of corn for $1.25 per bushel from Dale Vernon, a farmer.
Answers (1)
New Questions in Business
Acme Foods wants to make its chips saltier, but it doesn't want to spend more than it has to on salt. A sample of consumers are asked to compare its current chip (saltiness = 100) with saltier versions and to say whether the new version is saltier.
Answers (1)
Which of the following comparisons best isolates the impact of a change in activity on performance?
Answers (1)
If an investor anticipates an annual rental income from a leased property to be $400,000 dollars, this expected sum has a direct bearing on what the investor will pay for the property. This is an example of
Answers (1)
In comparison to industry averages, Okra Corp. has a low inventory turnover, a high current ratio, and an average quick ratio. Which of the following would be the most reasonable inference about Okra Corp.? A. Its current liabilities are too low. B.
Answers (2)
The individual with the highest valuation of the good will win in which of the following auctions? A. Sealed Bid Auction B. English Auction C. Dutch Auction D. All of the above.
Answers (1)