for many agricultural products, in years with large harvests farmers bring in less revenue than in...
for many agricultural products, in years with large harvests farmers bring in less revenue than in years when harvest are small. Why is this?
Homework Answers
The demand for the farm goods are price inelastic i.e. no matter what the price people will only buy a certain amount of goods in the market, at a higher output the price of the agricultural goods in the market falls and people buying the same amount decrease the revenue of the farmer, if the output is low then the price are high and the farmer also earn a higher revenue in the market.
So, the inelastic demand for the goods decrease the revenue when the price falls and increase the revenue at a higher price.
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for many agricultural products, in years with large harvests
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