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I need help on these 2 microeconomic questions: Question 7 (2.5 points) The discovery of a new technique for growing wheat leads to an increase
I need help on these 2 microeconomic questions:
Question 7 (2.5 points) The discovery of a new technique for growing wheat leads to an increase in the supply of wheat. Wheat farmers will realize an increase in total revenue if Q the demand for wheat is elastic. O the weather is very favorable for wheat production this season. 0 the demand for wheat is inelastic. O the supply of wheat is elastic. O the supply of wheat is inelastic. Question 8 (2.5 points) If the price elasticity of demand for iPhones is 10, and their price changes by 10%, what do you expect will happen to demand? 0 The quantity demanded will change by 10%. O The quantity demanded will change by 100%. O The quantity demanded will not change. 0 The quantity demanded will change by 1%Step by Step Solution
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