By definition, elasticity is the expected change in demand/supply due to a chang

Question

By definition, elasticity is the expected change in demand/supply due to a change in price. The past few years there were several incidents of bird (avian) flu in the Midwest (including Wisconsin) where thousands of birds were destroyed. A new outbreak was noted in Indiana recently where hu was destroyed in efforts to control the spread again. Thinking about this in terms of elasticity and markets, is this good for poultry producers or bad for poultry producers regarding supply/demand/ elasticity. Discuss elasticity in respect to this instance - taking into consideration in your discussion normal goods, inferior goods, substitute goods and complementary goods. Review Section 5-3a for more ideas on this subject.

Explanation / Answer

Whenever such outbreaks occur, there is a heavy loss that poultry farmers have to bear.

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