If the demand curve for wheat is inelastic, then total farm income from wheat will be

Question

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When the demand curve for wheat is inelastic, it means that the quantity demanded does not change significantly with a change in price. Therefore, in years of low yields (which means lower supply), the price of wheat would increase significantly due to the inelastic demand, leading to higher total farm income. Conversely, in years of high yields, the increased supply would lead to a decrease in price, but the total revenue would decrease less significantly or might even increase if the price decrease is not proportionally large due to inelastic demand.

If the Demand Curve for Wheat Is Inelastic, Then Total