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What can you conclude about the price elasticity of demand for wheat, bus rides and lumber from the following statements? Explain your answers.
a. Good weather resulted in record wheat harvests and sent wheat prices tumbling. The result has been disastrous for many wheat farmers.
b. Ridership always went up when bus fares came down, but the increased patronage was never enough to prevent a decrease in overall revenue.
c. Fire destroyed 50% of the trees on a certain tract of land in British Columbia. The remaining trees were worth more (as lumber) than the value of the trees before the fire.
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