Question

Lillian says, "People do not care about genetically modified (GM) food. A durian is a durian"....

Lillian says, "People do not care about genetically modified (GM) food. A durian is a durian". Suppose that Lillian is correct and durian buyers are unaffected by the introduction of GM durians. (a) Explain, using an appropriate diagram, the effect of introducing GM durian breeds on the equilibrium price and quantity in the market for durian.   

(b) Following the introduction of GM durian breeds, what will happen to durian farmers’ revenue? Explain.

(Please explain in length as much as possible)

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