Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion. Thus, Multiple Choice the demand for peanuts is elastic. the demand for peanuts is inelastic. the demand curve for peanuts has shifted to the right. no inference can be made as to the elasticity of demand for peanuts.
Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion. Thus, Multiple Choice the demand for peanuts is elastic. the demand for peanuts is inelastic. the demand curve for peanuts has shifted to the right. no inference can be made as to the elasticity of demand for peanuts.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1SQP: If the price of a good or service increases and the total revenue received by the seller declines,...
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![Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion. Thus,
Multiple Choice
the demand for peanuts is elastic.
the demand for peanuts is inelastic.
the demand curve for peanuts has shifted to the right.
no inference can be made as to the elasticity of demand for peanuts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc87ddbd0-2e96-4ff2-b892-078e8a47d877%2Fcec6b71f-fa1d-40af-926a-f9b5f6c381a0%2Fo1rtvdn_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that the price of peanuts rises from $2.5 to $3 per bushel and that, as a result, the total revenue received by peanut farmers changes from $14 to $16 billion. Thus,
Multiple Choice
the demand for peanuts is elastic.
the demand for peanuts is inelastic.
the demand curve for peanuts has shifted to the right.
no inference can be made as to the elasticity of demand for peanuts.
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