The Price Elasticity of Demand for Corn Is 0

question 72

Multiple Choice

The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?

• A) The total revenue will increase.
• B) The total revenue will decrease.
• C) The total revenue will not change.
• D) There is not enough information to determine what happens to the total revenue.

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Definitions:

Rule-Based Scheduling

A method of organizing tasks or operations based on a set of predetermined rules to optimize performance or resource allocation.

Critical Ratio Sequencing

A prioritizing technique used in production scheduling where jobs are sequenced based on the ratio of the remaining time to due date to the remaining work.

Prioritizes Jobs

Refers to the process or system used to determine the order in which jobs or tasks should be completed, typically aiming to optimize productivity and efficiency.

Importance

The state or fact of being of great significance or value.