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The elasticity of agricultural products refers to the responsiveness of the quantity demanded or supplied of these goods to changes in price. Generally, agricultural products tend to have relatively inelastic demand, meaning that consumers will continue to purchase them even if prices rise, due to their necessity. However, the elasticity can vary depending on factors like the type of product, seasonality, and availability of substitutes. Supply elasticity can also differ significantly based on production conditions and timeframes for crop growth.

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