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Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year...

Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest). Will farmers be happy or sad about the news there has been an unusually large amount of their crop produced this year? Why?"
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Farmers have a relatively inelastic demand for their crops. This means that demand is less responsive to changes in prices. When there is bumper crop, due to increased supply of crop the price of the crop will fall. Even though there is fall in price, there won't be much changes in quantity demanded because of inelastic demand for crops. As a result the total revenue of the farmers will reduce and thus farmers will be sad about the news there has been an unusually large amount of their crop produced this year.

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