a) At the present equilibrium, what is the total revenue received by farmers (in millions of dollars)? $ b) Suppose that the oat industry had a very good harvest and the supply increased by 30 million bushels. Draw the new supply curve in above shown graph. Plot only the endpoints of the curve above and position those points on the edges of the graphing area. c) What will be the new total revenue received by farmers (in millions of dollars)? $ d) What does this suggest about the elasticity of demand for oats? Demand is (Click to select)

S D 12 To nts 11 S2 eBook Print References Price per bushel - NW AUT O VOO DO his (70, 5) O 20 30 40 50 60 70 80 90 1001 10120 Quantity per period (in millions of bushels) Mc Graw Hill