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A storm in Queensland has destroyed pineapple crops across the region. Some pineapple farmers could not prepare for this and their crops were destroyed. Fortunately, some farmers did not lose any crops. Assuming that the demand curve for pineapples is inelastic, were the farmers collectively better or worse off? Has the collective revenue of the group increased, decreased or remained unchanged? Draw a graph to support your answer.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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