NH 2015 is the only amusement park in Goleta (it has monopoly power). The owners have decided to enact a two-part tariff: a fixed fee to enter and a per-photo price to get a photo taken with local celebrity Serena. Suppose that the demand for photos is , and that NH 2015's cost function is . If the owners choose the fixed fee and per-photo price to maximize profits, what will the profits be

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.