One of the growers is excited by the price increase caused by the blight because she believes it will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.using the midpoint method, the price elasticity of demand for soybeans between the prices of $15 and $21 per bushel is , which means demand is between these two points. therefore, you would tell the grower that her claim is , because total revenue will as a result of the blight.

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23-09-2017
Business

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One of the growers is excited by the price increase caused by the blight because she believes it will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market.using the midpoint method, the price elasticity of demand for soybeans between the prices of $15 and $21 per bushel is , which means demand is between these two points. therefore, you would tell the grower that her claim is , because total revenue will as a result of the blight.

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Etta217 Etta217 · Answer 1 · 2017-10-04T03:49:47+02:00

One approach to take a gander at anticipated that income changes are would analyze the elasticity of demand for soybeans in this area. The value elasticity of demand measures the responsiveness of buyers to changes in cost. For instance, if customers change their obtaining conduct next to no because of an extraordinary change in value, the demand will be inelastic; yet in the event that shoppers change their acquiring conduct a considerable measure in light of a little change in value, demand will be elastic.