DO YOU AGREE WITH THIS SCENARIO?

a).Inelastic demand means that the percentage change in quantity is less than the percentage change in price. Total revenue will fall if demand is inelastic and there is a bumper crop. Bumper crop refers to an increase in wheat supplies. When supply grows, the equilibrium price falls, and the quantity grows.

b).Marijuana is the most extensively used illicit substance in Canada, despite being illegal for almost a century. The question of legalizing marijuana has attracted substantial public and political attention in recent years, owing to increased popular acceptance of recreational marijuana usage and the ineffectiveness of Canada's present regulatory system. As a result, Canada's newly elected Liberal government has stated that legislation to legalize and regulate marijuana will be introduced in the spring of 2017. The goal of this editorial is to give a quick summary of the economic, social, and public health implications of legalizing marijuana in Canada. It's possible that legalization will take place in the near future.