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If the demand for agricultural products is inelastic as the price increases, the revenues earned by producers increase; as the prices decrease, the revenues earned
If the demand for agricultural products is inelastic
- as the price increases, the revenues earned by producers increase;
- as the prices decrease, the revenues earned by producers decrease;
- rising prices do not lead to differentiation in producers' incomes;
- the percentage decrease in prices is lower than the percentage increase in demand
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Using Excel For Principles Of Econometrics
Authors: R Carter Hill, Genevieve Briand
4th Edition
1118032101, 9781118032107
