Unformatted text preview: will be your income and your standard of living. One day Kansas State University announces a major discovery. Researchers in its agronomy department have devised a new hybrid of wheat that raises the amount farmers can produce from each acre of land by 20 percent. How should you react to this news? Should you use the new hybrid? Does this discovery make you better off or worse off than you were before? In this chapter we will see that these questions can have surprising answers. The surprise will come from E L A S T I C I T Y A N D I T S A P P L I C A T I O N 93...
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This note was uploaded on 07/30/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.
- Spring '10