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.au/news/rural/2019- ... s/10867294.
At the same time the demand for farm
products is generally considered to be price inelastic. Economics
Online (2019).
If the demand for farm products is
price-inelastic, a reduction in farm production will increase farm
incomes. Use a diagram to support your answer. (5
marks)
PLEASE USE DIAGRAM!
THANKS
In 2019 drought has reduced the amount of production of farm products in Australia by many billions of dollars. Source:
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In 2019 drought has reduced the amount of production of farm products in Australia by many billions of dollars. Source:
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