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25 July, 00:55

Because farm products have a low elasticity of demand a small change in output will have

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  1. 25 July, 04:48
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    Because farm products have a low elasticity of demand a small change in output will have a similar effect on the price. Since the low elasticity of demand directly relates to pricing, when the smaller change in output happens, a smaller drop in profits does as well. The price of the item will decrease to compensate for less products selling.
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