How might the concept of Price Elasticity of Demand be of use to a farmer? Give your point
of view and
opinion.
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Answer:
Explanation:
The demand for farm products is inelastic. People can only consume what satisfies them; therefore, they will not purchase much more than what they can use even if the price drops. If the people's income increases, it will not affect their consumption rate; they will only purchase what they can consume, thus causing the farm products to be inelastic.
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