Describe the elasticity/ inelasticity of both (a) supply (b) demand of fresh produce in the short run & long.?

Question

How elastic is the supply of fresh produce in the short run (a couple of months)

How elastic is the demand for fresh produce in the short run. Explain why.

Answer 1

Elasticity of fresh produce in short run is low, lets say apples for an example. Elasticity for demand for a single product like apples is very elastic, if the price is 20% higher than normal and oranges are on sale. People will buy oranges instead of apples unless they really like apples due to consumers surplus principle. But the demand for all fresh produce is low. People need fresh produce and will pay for it. Supply of fresh produce is always higher than demand. That is why fresh produce is canned and frozen or turned into other products, this way, it increases the scarcity of a product, raising the price. Demand and consumption is smooth, and will result in a higher return in the long run. Just like harvesting in fall, and selling in winter. People are willing to pay more when fruits are not in season, but the demand will go down since prices are higher.