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3 years ago

If demand is inelastic, a drought around the world would ___the total revenue that farmers receive from the sale of grain.

Business

2 answers:

Elena L [17]3 years ago

7 0

Answer:

Raises ;

C. A drought in Kansas is not significant enough to affect the worldwide price of grain.

Explanation:

Drought is a situation where there is shortage of water due to prolong absence of rainfall.

This is because, when Kansas has a drought, purchasers or buyers can substitute wheat from other places for Kansas wheat.

But, when the whole world has a drought, purchasers or buyers have no other suppliers of wheat to substitute. This means that, no area will have wheat so that the buyers can buy, because every area will be affected by the drought.

In this case,the demand for wheat is inelastic in the short run.

yan [13]3 years ago

6 0

Answers:

1) The correct word for the blank space is: raise.

2) The correct answer is letter "C": A drought in Kansas is not significant enough to affect the worldwide price of grain.

Explanation:

1) Demand inelastic goods or services are those with demands that do not vary after changes in their prices. In front of a drought around the world, the supply of grains will fall but if the demand is inelastic people would still request grains at the same level. <em>It implies farmers would still have revenue but incurring in fewer production costs. </em>

2) If a drought only affects the farms in Kansas, there will be less supply of grains grew in Kansas but consumers could request the grains from other territories that are not affected by the drought. <em>Thus, the revenue from Kansas' farmers will be reduced but it will not affect the price of grains around the world.</em>

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1 year ago

You have $12,500 you want to invest for the next 30 years. You are offered an investment plan that will pay you 7 percent per ye

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Answer:

Balance after 30 years = $151,018.50

Explanation:

In order to calculate this, we will calculate the future value on an amount invested, gaining interest over the years of investment, and this is given by:

$FV = PV (1 + r)^{t}$

where:

FV = future value

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Hence the future value is calculated as follows:

1. For the first 10 years at 7% interest:

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2. For the last 20 years at 9.5%(0.095) interest:

Note that for the remaining 20 years, the present value (PV) used = 24,589.392, as ending balance after the first 10 years

$FV = 24,589.392 (1 + 0.095)^{20}$

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2 years ago

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