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If the demand for farm products is price inelastic a good harvest will cause farm revenues to?
Wiki User
∙ 12y ago
:Reduce because even though the farmers will have more crops to sell, most everyone else will as well which will make prices comptetive. With the production of so many crops comes the complementive price of growing these crops. With this in mind, because price is inelastic and suppliers would receive the same price for the product in demand whether or not there was a surplus, they would benefit if their were not that many crops in the market to compete with (hence lowering their income.)
Wiki User
∙ 12y ago
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Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
Why would a firm raise the price of a product after a producer determines that the demand for one of its products is inelastic?
The firm would raise the price because the firm's total revenues would probably increase.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
What products have inelastic supply and inelastic demand?
Caffeine from coffees and teas. The caffeine is an inelastic supply because there arent many substitutes for caffeine. --Wayne Also products like salt and pepper are inelastic because people can consume only so much of them. --Danny R.
Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
Why would a firm raise the price of a product after a producer determines that the demand for one of its products is inelastic?
The firm would raise the price because the firm's total revenues would probably increase.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
What products have inelastic supply and inelastic demand?
Caffeine from coffees and teas. The caffeine is an inelastic supply because there arent many substitutes for caffeine. --Wayne Also products like salt and pepper are inelastic because people can consume only so much of them. --Danny R.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Products whose demand is price elastic and price inelastic?
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables
Why are the unique products price inelastic?
inelastic is supply and demand trends. inelastic means the demand only slightly or never really changes. things like luxury items, sports cars, mansions, penthouse apartments, high class call girls, all of them stay at steady prices because the demand for them never changes.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
What is perfect inelastic demand?
In economic theory, a perfect inelastic demand is a demand for some product that cannot be reduced, either by higher prices or shortages, because it is something that people absolutely have to have at any cost. There would be very few examples of a perfect inelastic demand. Some people need a certain kind of medicine to treat their disease, such as a severe diabetic who needs insulin; this is a perfectly inelastic demand. A heroin addict must have his or her heroin, regardless of cost, so that too is a perfectly inelastic demand. But most products have some elasticity of demand. If you cannot afford fruit juice, you can probably drink water instead.
What is the influence of branding on price sensitivity?
The main purpose of branding products is to create relatively inelastic demand for the product
Is the price and demand for junk food elastic or inelastic?
elastic
