The Price Elasticity of Demand for Lettuce Has Been Estimated

question 39

Essay

The price elasticity of demand for lettuce has been estimated to be 2.58.If an insect infestation destroys 10% of the nation's lettuce crop, how will that affect total revenue from lettuce, all other things unchanged?
A.Total revenue will remain unchanged.
B.Total revenue will fall.
C.Total revenue will rise.
D.Not enough information is given to answer the question.

---

Definitions:

George Lyell

This appears to be a mistaken reference. If it intends to refer to Charles Lyell, he was a British lawyer and the foremost geologist of his day, best known for his contributions to the principles of geology and the concept of deep time.

Thomas Malthus

An English economist and demographer known for his theory that population growth will always tend to outrun the food supply and lead to societal collapse.

Influenced Darwin

Refers to the various observations, findings, and scholars that contributed to Charles Darwin’s development of the theory of evolution by natural selection.

Genetic Drift

A mechanism of evolution that leads to random changes in the gene frequencies of a population over time, particularly in small populations.