Why do Farmers have a Relatively Inelastic Demand
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Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest). Will farmers be happy or sad about the news there has been an unusually large amount of their crop produced this year? Why?
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Assess the inelastic demand in the case.
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So the demand is pretty inelastic. This means a change in price or quantity is not associated with much of a change in demand. As ...
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