1. How does market exit of significant number of farmers in the domestic market(due to excess supply from increased importation) affect the elasticity of the aggregate supply curve?
2. After the elasticity of the aggregate supply curve changes, how might the domestic equilibrium price of the product change?

Context:

You grow and sell wheat domestically. Assume the domestic market has a large number of buyers and sellers. This year wheat imports increased due to a great year in wheat production overseas, driving domestic prices down. The domestic wheat price fell below your average cost of production but is above your average variable cost.