9. Demand for corn is known to be inelastic. If seed gene modification enhances the crop yield per acre, what do you expect to happen to total revenue in the corn industry? a) Total revenue will decrease. b) Total revenue will increase.
9. Demand for corn is known to be inelastic. If seed gene modification enhances the crop yield per acre, what do you expect to happen to total revenue in the corn industry? a) Total revenue will decrease. b) Total revenue will increase.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 4QR
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![c) Total revenue will not be affected.
d) There is not enough information to answer the question.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ccdde4c-3b9f-49bf-8847-3f7bcc3ab185%2Fb80d3df8-7f5c-4487-9068-dfa606651036%2Fzxmj7td_processed.jpeg&w=3840&q=75)
Transcribed Image Text:c) Total revenue will not be affected.
d) There is not enough information to answer the question.
![9. Demand for corn is known to be inelastic. If seed gene modification enhances the crop yield per acre,
what do you expect to happen to total revenue in the corn industry?
a) Total revenue will decrease.
b) Total revenue will increase.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ccdde4c-3b9f-49bf-8847-3f7bcc3ab185%2Fb80d3df8-7f5c-4487-9068-dfa606651036%2Fb00vk3w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9. Demand for corn is known to be inelastic. If seed gene modification enhances the crop yield per acre,
what do you expect to happen to total revenue in the corn industry?
a) Total revenue will decrease.
b) Total revenue will increase.
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