Wheat is elastic.
Elasticity
- Elasticity is an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service.
- Elasticity is an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service. A product is considered to be elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases.
Hence, In the sample scenario, Wheat is elastic mean about the elasticity of wheat in relation to the supply.
To know more about the elastic refer to:
https://brainly.com/question/24056818
#SPJ2
