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16 April, 05:25

Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of their land, then

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  1. 16 April, 05:27
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    Since the demand for wheat is inelastic, it means that a change in the price of wheat will result in a smaller proportional change in the quantity demanded.

    Since the farmers will decrease their production of wheat by 10% and the demand for wheat will remain practically unchanged, the price of wheat should increase more than 10%, therefore increasing the farmer's total revenue.
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