Question

Suppose you are a farmer who grows wheat that people need to make bread and other foods. Discuss the factors that affect the supply of wheat, such as weather, amount of the crop grown, population, etc. Is wheat supply elastic or inelastic? What type of help might you expect or need to even out the supply of wheat and make sure your farm remains profitable and productive?

Answer 1

The factors that affect the supply of wheat can be bad weather, oversupply of wheat, excessive demand for wheat, among others, because the supply of this product is elastic.

What does elastic or inelastic supply mean?

Elastic or inelastic supply are economic terms that refer to the variations that relate the quantity of products offered and the variations in prices.

According to the above, the elasticity of supply is the percentage by which the quantity supplied varies when the price varies by one percent.

So, wheat is elastic because if the supply of this product varies, its commercial value will also vary greatly.

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