Given that the demand for grains is price-inelastic, we would expect that if the harvest of grains increases significantly, other factors constant, then grain farmers' total revenues would increase
True/False

The statement is: False.

Explanation:

Inelasticity is a characteristic of certain goods and services by which their quantity demanded does not change in front of changes in price. The inelasticity of demand is calculated by dividing the percentage change of the quantity demanded by the percentage change in price. If the result is lower than one (1) the demand for the product is inelastic.

Thus, if the demand for grains is inelastic, an increase in the harvest of grains will not affect its price neither the demand which implies the profits will not see a change, ceteris paribus.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"