Price Theory and Price Elasticity

Price Theory and Price Elasticity:
Using the article:
"China sees shortfall in grain output".
In the article which I have chosen that appeared in the Bangkok Post on Wednesday the 5th 2003, regarding the shortfall and rise of price of Chinas grains. The article focuses on various types of grains including Rice, Wheat and Maize and the price increase they have gone through due to the governments attempt to cut down stockpiles, after a record high of 512 million tones, and also to free up farmland for more lucrative crops. …