Q2. Can good news for farming be bad news for farmers? Imagine you are a farmer in Kanpur. You earn your income from selling wheat. More you grow more will be your income which leads to better standard of living. Kanpur IIT announces a discovery. New Hybrid of wheat is created which raises your productivity. How will react to this news? Does this discovery make farmer in Kanpur worse off or better-off? Explain your answer with graph and reasoning.

Q2. Can good news for farming be bad news for farmers? Imagine you are a farmer in Kanpur. You earn your income from selling wheat. More you grow more will be your income which leads to better standard of living. Kanpur IIT announces a discovery. New Hybrid of wheat is created which raises your productivity. How will react to this news? Does this discovery make farmer in Kanpur worse off or better-off? Explain your answer with graph and reasoning.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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