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Lauren1 Lauren1
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Posts: 4120
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9 years ago
The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase.
B) The total revenue will decrease.
C) The total revenue will not change.
D) There is not enough information to determine what happens to the total revenue.
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MrDerecheMrDereche
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#1
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9 years ago
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Lauren1 Author
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#2
9 years ago
Thank you, this really, really helps Heavy Heart
wrote...
#3
9 years ago
You're welcome!
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