OC Management Company (OCMC) has built or acquired several high-quality apartment buildings in Orange County. OCMC operates apartment complexes and earns revenues by renting out the apartments in those complexes. OCMC assigns an agent/manager (employee) to each complex (one manager can manage several complexes) to handle day-to-day operations, such as maintaining the property, advertising, and signing rental contracts. This case describes the processes.

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.