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2. (10 points) Why might a good harvest lead to a reduction in farmers' income? You may assume that the crops grown by farmers have
2. (10 points) Why might a good harvest lead to a reduction in farmers' income? You may assume that the crops grown by farmers have a price inelastic demand (demand is inelastic with respect to price). You may also assume that the farmers' income is the revenue from the sale of their crops. Please explain using the concept of price elasticity of demand
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Business Statistics for Contemporary Decision Making
Authors: Ken Black
6th Edition
978-0470409015, 9780470559062, 470409010, 470559063, 978-0470910184
