Business, 15.04.2020 03:54 nialphonsa

Suppose that when the price of wheat is $2 per bushel, farmers can sell 10 million bushels. When the price of wheat is $3 per bushel, farmers can sell 8 million bushels. Which of the following statements is true?

The demand for wheat is
A. price inelastic, so an increase in the price of wheat will increase the total revenue of wheat farmers.
B. price elastic, so an increase in the price of wheat will increase the total revenue of wheat farmers.
C. income inelastic, so an increase in the price of wheat will increase the total revenue of wheat
farmers.
D. income elastic, so an increase in the price of wheat will increase the total revenue of wheat farmers.

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Suppose that when the price of wheat is $2 per bushel, farmers can sell 10 million bushels. When the...

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