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Economic situation changed

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This year the weather smiled on us, and we made a crop," says a wheat farmer near Minnedosa in Manitoba. "But just as we made a crop, the economic situation changed." This quotation brings to mind the old saying, "If you are a farmer, the weather is always bad." Discuss the sense in which this saying might be true. (Hint: What happens to price if there is a bumper crop? What is the price elasticity of demand for wheat? Is it inelastic or elastic? What happens to total revenue if there is an increase in supply?)Include in your response consideration of the situation in which this same farmer likely finds himself given the extreme crop losses of his fellow farmers in the US due to drought this year.

Reference no: EM131681645

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