Question

Why are consumers willing to pay higher prices for organic produce?​

Answer 1

Answer:

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High price premiums for organic goods limit demand. Results from Glaser and Thompson (1998, 2000) and Wier, Hansen and Smed (2001) indicate high price sensitivity in demand. ... In these studies, a similar pattern appears: Demand for organic products are much more price-elastic than demand for conventional products.

Explanation:

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Answer 2

Answer:

Consumers are buying organic food despite its generally higher price tag. These price premiums reflect consumers' willingness to pay for attributes and additional production costs associated with organic foods, such as organic certification and the lack of pesticides during production.