Question

Suppose that a data analyst for the USDA thinks that the U.S. supply function may be less responsive to price than originally estimated, and that the price coefficient for Supply may be 5. If this is correct, what would the US sunflower producers' revenues be in the open trade market?

a. approximately $5.3 million
b. approximately $9.3 million
c. approximately $11.3 million
d. None of the choices

Answer 1

the answer is d. None of the choices.

Step-by-step explanation:

Unfortunately, the information given in the question is not sufficient to answer it.

To determine the US sunflower producers' revenues in the open trade market, we would need to know the specific supply and demand functions for sunflowers in the US market, as well as the equilibrium price and quantity. The price coefficient for supply alone is not enough information to make this calculation.

Additionally, we would need information on the current market price in order to calculate revenues.