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A good harvest from conducive weather may not always benefit the farmers in terms of revenue earned. Discuss using a suitable farm product diagram the
"A good harvest from conducive weather may not always benefit the farmers in terms of revenue earned". Discuss using a suitable farm product diagram the validity of this statement, taking into consideration the price elasticity of demand for farm products.
Hi, from my understanding, a good harvest causes the supply curve to shift right, causing equilibrium price to fall and equilibrium quantity to increase. However I am unsure on how to answer the rest of the question, would appreciate if someone could elaborate. Thank you!
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