Question: Please answer with solution and explanation. Show graph and curve for both seller and buyer point of view. 5) If a price of corn is

Please answer with solution and explanation. Show graph and curve for both seller and buyer point of view.

both seller and buyer point of view. 5) If a price of

5) If a price of corn is $3.00 a bushel, 5,000 bushels would be demanded. If the price rises to $4.00 a bushel, 4,000 bushels would be demanded. a. What is the arc rice elastici of demand? b. Based on this answer, if the price of corn rose to $5.00 a bushel, what would be the demand for corn? 0. If the price of corn decreased from $4.00 to $3.00 a bushel, what would be the change in total revenue for sellers of com? d. If the price of corn increased from $4.00 to $5.00 a bushel, what would be the change in total revenue for sellers of corn

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3. How much information do we need to collect?

2. What types of information are we collecting?

5. How quickly can we manage to collect the information?