Because farm products have a low elasticity of demand a small change in output will have

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03-05-2018
Business

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Because farm products have a low elasticity of demand a small change in output will have

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MrsTriplet MrsTriplet · Answer 1 · 2018-05-13T15:15:30+02:00

MrsTriplet MrsTriplet

13-05-2018

Because farm products have a low elasticity of demand a small change in output will have a similar effect on the price. Since the low elasticity of demand directly relates to pricing, when the smaller change in output happens, a smaller drop in profits does as well. The price of the item will decrease to compensate for less products selling.

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