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 20 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)

The graph below shows the market for oats. i S D 11 Tools S2 -NW AUTO VODO Price per bushel 0 5 10 1520 25 30 35 40 45 50 55 60 6570 75 80 85 Quantity per period (in millions of bushels)