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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic? Explain.

To determine
Price elasticity of demand and its effect.

Explanation

Loss of half of the fava bean crop is more likely to hurt the farmers if the demand for fava beans is very elastic. This is because the destruction of the crop reduces the supply, causing the supply curve to shift leftwards. This increases the price of fava beans...

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