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5. SUPPLY- DEMAND-ELASTICITY As an economist, you have been asked to evaluate the following statements about farmers. Use a properly labeled graph to help you
5. SUPPLY- DEMAND-ELASTICITY As an economist, you have been asked to evaluate the following statements about farmers. Use a properly labeled graph to help you explain whether the following are TRUE or FALSE. A) 'Wheat grain has a low price elasticity of demand, therefore any increase in production can actually make the farmers worse off'. B) \"The cross elasticity of demand for wheat and product 'B' is positive, therefore an increase in the supply of wheat will lead to a decrease in the price and quantity of both wheat and product 'B'.\
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