Suppose that when the price of corn is $2 per bushel, farmerscan sell 10 million bushels. When the price of corn is $3 perbushel, farmers can sell 8 million bushels.
Which of the following statements is true.
a. The demand for corn is income inelastic, and so an increasein the price of corn will increase the toral revenue of cornfarmers.
b. the demand for corn is income elastic and so an increase inthe price of corn will increase the total revenue of cornfarmers.
c. The demand for corn is price inelastic, and so an increasein the price of corn will increase the total revenue of cornfarmers.
d. The demand for corn is price elastic, and so an increase inthe price of corn will increase the total revenue of cornfarmers.
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