If demand for milk is inelastic but there is an increase in, Ask an Expert

Economics

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.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9474051

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