Bundle: Microeconomics, 13th + Aplia, 1 Term Printed Access Card
Bundle: Microeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742535
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 6, Problem 11QP

Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price $2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up $2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?

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Price Elasticity of Supply; Author: Economics Online;https://www.youtube.com/watch?v=4bDIm3j-7is;License: Standard youtube license