Suppose that when the price of corn is $2 per bushel, farmerscan sell 10 million bushels. When the price of corn is $3 perbushel, farmers can sell 8 million bushels.
Which of the following statements is true.
a. The demand for corn is income inelastic, and so an increasein the price of corn will increase the toral revenue of cornfarmers.
b. the demand for corn is income elastic and so an increase inthe price of corn will increase the total revenue of cornfarmers.
c. The demand for corn is price inelastic, and so an increasein the price of corn will increase the total revenue of cornfarmers.
d. The demand for corn is price elastic, and so an increase inthe price of corn will increase the total revenue of cornfarmers.

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)