Problem
Imagine that the short-run price elasticity of supply for a farmer's corn is 0.3, while the long-run price elasticity is 2. If prices for corn fall 30 percent, what are the shortrun and long-run changes in quantity supplied? What are the short- and long-run changes in quantity supplied if prices rise by 15 percent? What happens to the farmer's revenues in each of these situations?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.