"Because agricultural demand is inelastic, a technological advance that lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique." True or false or uncertain. Briefly explain.© BrainMass Inc. brainmass.com October 10, 2019, 12:21 am ad1c9bdddf
Agricultural demand is inelastic which means that an increase in price leads to a less than proportionate decrease in quantity demanded. Similarly, a decrease ...
Discusses the incentive for farmers to introduce new styles of farming.