The Canadian group Quebec Maple Syrup Producers recently announced it was releasing about 50 million pounds of its strategic maple syrup reserves about half of the total stockpile.
Quebec produces nearly 70% of the world’s maple syrup, with the US being its biggest client. However, this year producers weren’t able to keep up with worldwide demand, which jumped 21%, according to Bloomberg.
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Would you expect demand for maple syrup to be elastic or inelastic? Explain your answer.
Based on your answer above, what impact would increasing supply and lowering price have on producers revenues? Explain.
Note: If you use material from a book, paper or the internet, please include citation and location (web address). Avoid using Wikipedia. Don’t copy and paste your answer.
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