The price elasticity of demand for milk has been estimated to be somewhere between 0.49 and 0.63.If a new system of feeding and milking cows yields a 15% increase in the production of milk throughout the country, how will that affect total expenditures on milk, all other things equal?
A.Total expenditures will remain unchanged.
B.Total expenditures will fall.
C.Total expenditures will rise.
D.Not enough information is given to answer the question.

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The Answer of The price elasticity of demand for milk has been estimated to be somewhere between 0.49 and 0.63.If a new system of feeding and milking cows yields a 15% increase in the production of milk throughout the country, how will that affect total expenditures on milk, all other things equal?
A.Total expenditures will remain unchanged.
B.Total expenditures will fall.
C.Total expenditures will rise.
D.Not enough information is given to answer the question.

The Price Elasticity of Demand for Milk Has Been Estimated