Why improvements in farm technology may not necessary

Reference no: EM13236794

Using supply and demand analysis, explain why improvements in farm technology may not necessarily be good for the individual farmers. Assume that the individual farmers are selling a crop that has few substitutes, thereby resulting in fairly inelastic demand. Use a clearly labelled diagram; you can also use hypothetical prices and quantities to make your response clearer. To accompany your diagram, write some sentences explaining what is occurring.

Reference no: EM13236794

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