Question 4: In 2019 drought has reduced the amount of production of farm products in Australia by many billions of dollars. Source: Sullivan, Kath (2019). See link: https://www.abc.net.auews/rural/2019-03- 05/value-of-australian-farm-production-drops-abares-figures/10867294. At the same time the demand for farm products is generally considered to be price inelastic. Economics Online (2019). See link: https://www.economicsonline.co.uk/Competitive markets/Primary markets.html If the demand for farm products is price-inelastic, a reduction in farm production will increase farm incomes. Explain why this is so. Use a diagram to support your