What would be the demand for corn

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Can anyone explain and teach me the formula for these 2 questions? II know the answers I wanna know how to solve them. If a price of corn is $3.00 a bushel, 5000 bushels would be demanded. If the price rise to $4.00, 4000 bushels would be demanded. I know the elasticity is -0.778. Q1Based on this, If the price of corn rose $5.00 a bushel, what would be the demand for corn? Q2 If the price of corn decreased from $4to $3,what would be the change in total revenue for sellers of corn?

Reference no: EM131101647

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