How can you control inventory costs through proper planning and balancing inventory levels? In order to control inventory costs, you need to consider the inventory
(ordering cost, storage cost, cost of capital) , which may include the cost of renting a storage facility. You should also check the turnover rate, which is the pace at which you (store, order, replace)
your inventory.

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.