Put the steps of the sample cost-benefit analysis below to show the correct order of this decision-making process.
First Step
Calculate the amount of benefit that would be gotten from choosing
the option.
T See if the benefits outweigh the costs to make a decision.
to Consider whether or not to spend money on a new car.
* Figure out how much it will cost to buy and operate a car.
Final Step

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.