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I have asked this question before but I am still not sure I understand the reasoning behind it. so I am thinking the answer is c. reduce the number of acres to decrease supply which may cause the price to up and since the crop enjoys an Inelastic demand curve if price goes up then revenue will also go up as the amount purchased will only go down by a little bit. …. But I was also thinking if the demand is Inelastic then maybe there are very few substitutes so answer d. would make sense since this farmer could provide more of the crop in the whole market place and therefor increase his revenue as long as it does not cause a surplus situation just because this one farmer is producing more If soybean farmers know that the demand for soybeans is inelastic, in order to increase their total revenues they should a. use more fertilizers and weed killers to increase their yields. b. plant additional acres to increase their output. c. reduce the number of acres they plant to decrease their output. d. Both a and b are correct.

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I have asked this question before but I am still not sure I understand the reasoning behind it.  so I am thinking

the answer is

c. reduce the number of acres to decrease supply which may cause the price to up and since the crop enjoys an Inelastic demand curve if price goes up then revenue will also go up as the amount purchased will only go down by a little bit.  …. But I was also thinking if the demand is Inelastic then maybe  there are very few substitutes so answer d. would make sense since this farmer could provide more of the crop in the whole market place and therefor increase his revenue as long as it does not cause a surplus situation just because this one farmer is producing more

If soybean farmers know that the demand for soybeans is inelastic, in order to increase their total revenues they should

a. use more fertilizers and weed killers to increase their yields.

b. plant additional acres to increase their output.

c. reduce the number of acres they plant to decrease their output.

d. Both a and b are correct.

 
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