Multiplicative product of two variables involves tradeoff

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The notion of elasticity is essential whenever the multiplicative product of two variables involves a tradeoff. (Thus we appeal to price elasticity to maximize revenue given the tradeoff between price and output.) With this in mind, why might a bumper crop (for instance, a 10 percent increase in a crop’s output) be detrimental for overall farm revenue? Carefully Explain.

Reference no: EM131166720

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