VALUE AND PRICE AS RELATED TO FARM PRODUCTS 33 



14. If a crop were doubled, would its price fall one-half ? Look 

 up actual price figures in the Yearbook of the United States Department 

 of Agriculture or elsewhere and compare the prices of good and poor 

 crop years. 



15. If it appears that changes in supply result in more abrupt 

 changes in the price of some goods than in the case of others, how do 

 you explain it ? 



16. In your own feelings, do you find that added units of some 

 goods are accompanied by a more rapidly diminishing utility than 

 others? Illustrate. Does your demand for some articles seem to 

 expand indefinitely? 



17. What is meant by elastic demand? inelastic demand ? Give 

 several illustrations of each. Are there two separate classes of de- 

 mand or is it merely a question of degree ? 



18. If there are several different uses to which a given article is 

 put, does that increase or decrease the elasticity of its demand ? 



19. Does the existence of several fairly satisfactory substitutes for 

 a certain product have an effect upon the demand for it ? Does it 

 make the demand more or less elastic ? 



20. Explain the effect that both these conditions (questions 18 and 

 19) are likely to have upon prices. 



21. Is the demand for agricultural products in general elastic 

 or inelastic? Is there evident difference in the case of articles 

 of food and articles of wear? What other important classes are 

 there ? 



22. Is our demand for food as such or for certain articles of food ? 

 for clothing or for certain textiles, skins, or other covering? 



23. Are the great expenditures of bon vivants incurred to secure 

 (a) quantity? (b) quality? (c) service? What do you mean by 

 quality in this connection: (a) nutriment? (b) delicacy? (c) rarity? 

 How about the social cost and return of such expenditures ? 



24. Does the cost of high living for some increase the high cost of 

 living to others ? Explain your whole chain of reasoning. 



25. In general, does our demand for agricultural products rest 

 upon a rational basis? Are some of our demands irrational? If 

 possible, find in your own community an illustration of supplying the 

 market with a poorer instead of a better article simply because the 

 buyer demands it. 



26. Millers say that the consumer demands bolted flour and 

 polished rice. Does the housewife know that there is any other kind 

 of rice or does she know the merits of other flour ? How did present 

 standards come into use? 



27. Does the average consumer need the assistance of a pure-food 

 inspector and a health department to instruct and direct his demand 



