Daniel has decided to open his own bakery using locally sourced ingredients and supplies. he provides income and jobs to local suppliers. he also provides his community with a place to buy delicious baked goods. this is an example of:
a) the invisible hand
b) a command economy
c) market failure.
d) a recession

One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. using the midpoint method, the price elasticity of demand for soybeans between the prices of $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.