If a farmer knows that he will be able to harvest and sell 3,000 bushels of wheat, he would prefer a market based on whether the market is inelastic or elastic. If the market was elastic, he should prefer a favorable conditions, where most farmers harvest large crops. The reason for this is because the prices can rise and people really prefer lower prices so that they can get more product. If the market is inelastic,unfavorable conditions where farmers harvest small crops is preferred. The reason for this is because he would be able to set a price, make a profit from it, since supply is so limited. With favorable conditions,everyone would be producing the same amount of wheat, making the market leveled and price would decrease since there is so much of it. Can you share with us a bit more about the economic theory and a reference that helps illustrate the economic concepts