If demand for farm crops is inelastic, a good harvest will cause farm revenues to:_________

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12-09-2022
Business

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If demand for farm crops is inelastic, a good harvest will cause farm revenues to:_________

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Iamakshay Iamakshay · Answer 1 · 2022-09-18T09:39:32+02:00

If demand for farm crops is inelastic, a good harvest will cause farm

revenues to decrease because of a percentage fall in price that is

greater than the percentage increase in quantity sold.

When demand is perfectly inelastic an increase in price will result in?

When demand is perfectly inelastic, an increase in price will result in an increase in total revenue.

The proportional change of one variable to another is measured by elasticity.

When a product's price elasticity coefficient is less than 1, is greater than 1, or equals 1, it is said to be inelastic.

When it is equal to 1, it is said to be unit elastic.

Elasticities provide us with a consistent scale to assess the degree of response of various goods to changes in their individual prices.

Price inelasticity refers to the fact that demand remains constant regardless of price changes.

Price changes of either kind won't affect consumers' purchasing patterns.

People typically view necessities as goods that are price inelastic because they will continue to consume the same amount regardless of price changes.

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