Elasticities of Chapter demand. and Supply Demand 5
Price elasticity of demand for agricultural products is 0.4. So a 1 percent decrease in the quantity harvested will lead to a 2.5 percent rise in the price. Demand is inelastic and farmers’ total revenue will increase. 5.1 THE PRICE ELASTICITY OF DEMAND Addiction and Elasticity Nonusers’ demand for addictive substances is elastic. ................
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