Because scarcity exists, any strategy for allocating scarce resources must address a) for whom to produce, what to produce, and which resources to produce. eliminate b) for whom to produce, how to produce, and what to produce. c) how to produce, and which resources to produce. d) when to produce which resources.

One of the growers is excited by this advancement because now he can sell more crops, which he believes 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 $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.