In the United States, 2015 was a bad year for growing wheat. And as wheat supply decreased,
Question:
a. Using the midpoint method, calculate the price elasticity of demand for winter wheat.
b. What is the total revenue for U.S. wheat farmers in 2014 and 2015?
c. Did the bad harvest increase or decrease the total revenue of U.S. wheat farmers? How could you have predicted this from your answer to part a?
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a Using the midpoint method the percent change in the quantity of US winter wheat demanded ...View the full answer
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