Why doesn’t agriculture respond to changes in food prices in the same manner as the industrial...
- Why doesn’t agriculture respond to changes in food prices in the same manner as the industrial sector of the economy? How does this result in a ‘farm cost-price squeeze’?
Homework Answers
Agriculture does not respond to
changes in food prices, because agriculture depends upon the
agricultural land available and it cannot be increased or decreased
in response to changes in food price. But, agriculture can suffer
from the increase in cost such as a rise in the cost of labor, cost
of fertilizers and other input materials. It increases the cost of
agriculture even if the food price does not increase. It creates a
scenario of cost price squeeze where the cost increases, but price
remains stable or decrease. As a result, the margin between cost
and price decreases and a case of squeeze between cost and price,
takes place.
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Why doesn’t agriculture respond to changes in food prices in
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