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Supply of soya milk becomes more elastic

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Reference no: EM132479815

"If the demand for soymilk rises, in the long run soymilk drinkers will be better off if the supply of soya milk becomes more elastic". Do you agree or disagree with this statement? Explain and illustrate by drawing one diagram showing the long-run effects of a higher demand for soymilk given an inelastic supply and another diagram to illustrate the long-run effects if soy milk supply is more elastic. Assume that the price elasticity of demand for soymilk does not over this time period. Explain why the supply of soymilk might be more elastic in the long run than in the short run.

Reference no: EM132479815

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