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Suppose that a data analyst for the USDA thinks that the U.S. supply function may be less responsive to price than originally estimated, and that
Suppose that a data analyst for the USDA thinks that the U.S. supply function may be less responsive to price than originally estimated, and that the price coefficient for Supply may be 5. If this is correct, what would the US sunflower producers' revenues be in the open trade market?
a. | approximately $5.3 million | |
b. | approximately $9.3 million | |
c. | approximately $11.3 million | |
d. | None of the choices |
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