suppose that corn farmers want to increase their total revenue. knowing that the demand for corn is inelastic, corn farmers should Plant more corn
When a buyer's desire for a product does not fluctuate as much as a product's price changes, this is known as inelastic demand. Demand is said to be inelastic when the price rises by 20% yet the decline in demand is only 1%.
When using common household goods and services, this situation frequently happens. People will continue to buy roughly the same amount of goods or services after a price increase since their needs remain the same. When the price is reduced, a similar scenario arises demand won't increase significantly because buyers only have a small need for the product.
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