Different foods have different elasticity in the market, mainly based on several points: whether it is a necessity for people. The number of alternatives in the market. If the supply of corn is very inelastic, then, with all other conditions unchanged, the sharp rise in corn prices will bring about only a small change in the supply of corn. If demand for corn is inelastic, a small increase in corn prices will lead to a small decline in demand.<br>If the supply of corn is very flexible, then a small change in corn prices will increase substantially, with all other conditions unchanged. If demand for corn is very resilient, a small increase in corn prices will lead to a sharp drop in corn demand.
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