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if demand for milk is inelastic, but there is an increase in

if demand for milk is inelastic, but there is an increase in supply, what would happen to milk price… Show more if demand for milk is inelastic, but there is an increase in supply, what would happen to milk prices and total revenue of milk sales? if floods destory a corn crop and i wanted to estimate the impact of the decrease in the supply of feed crops on the price of feed, would i use the elasticity of demand or supply? if the demand curve is perfectly inelastic for a certain product, then an increase in the supply will result in a lower price for that product, but there will be no change in the quantity traded in the market. true or false? T F The fewer substitutes a food product has, the more inelastic demand will be. T F If organic food consumers are less price responsive than conventional consumers, then it is likely that the elasticity of demand for organic foods is more elastic than the elasticity of demand for conventional foods. Assume the following information is known regarding the apple market: Ideal growing conditions in the apple producing regions of the U.S. this year have led to a significant increase in the apple crop. It is expected that the quantity traded in the market this year will increase by approximately 15%. The elasticity of demand for apples is -0.64. The elasticity of supply for apples is +0.48. The income elasticity of apples is +0.24. Given the elasticities above, calculate the percentage change in the price of apples due to the bumper crop. For full credit, you must show your work. Given your answer in (2) above – what will happen to the total revenue of apple producers – will it increase or decrease (circle one)? Explain how you know this. also; if demand for bubble gum is inelastic, but high sugar prices decrease the supply of bubble gum, what impact will this have on total revenue of bubble gum producers. • Show less

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