What do you understand by the term “own-price elasticity of demand”? Are own-price elasticities of demand positive or negative for typical foods or agricultural products? What is the difference between elastic and inelastic own-price elasticities of demand?
Q1. “The different emphases of the agricultural economics marketing and the agricultural business marketing traditions could be crudely characterised as follows: ‘to agricultural economists marketing is mainly about prices, while business approaches to marketing are mainly about everything except price’.” Discuss whether you agree or disagree with this statement, using examples from agricultural industries and […]