Determine based on current economics levels, which economic system is currently the most successful globally and has the potential for longest survivability. Compare at least 3 countries with varying economic structures which must include Gross Domestic Product, GINI Index and standard of living.

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.