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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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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