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Fruit Elasticity of Demand Apple -0.16 Banana -0.42 Grapefruit -1.12 Grapes -0.91 Orange -1.40 Refer to Scenario 5. Suppose the weather is very bad and
Fruit Elasticity of Demand Apple -0.16 Banana -0.42 Grapefruit -1.12 Grapes -0.91 Orange -1.40 Refer to Scenario 5. Suppose the weather is very bad and the supplies of apples and oranges are reduced by half. Will apple farmers or orange farmers have an increase in total revenue? Question 8Answer a. Orange farmers b. Apple farmers c. Both orange farmers and apple farmers experience a decrease in total revenue d. None of the above
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