Elasticity and Revenue

Please read the article from the Wall Street Journal "...Farmers are Suffering" (attached to this unit) and answer the following questions:

1.  The article states that despite the bad weather, farmers were expecting a bumper crop of corn and soybeans last year.  But prices were down and more farmers were going bankrupt and/or not able to pay their loans.  The fact that the quantity went up, but prices went down even more so farm income fell says what about the elasticity of demand for corn and soybeans?  (10 points)

2.  The article says in the last paragraph, "When grain prices are low, farmers often try to grow larger crops to sell more and cover costs."  Is this consistent with the law of supply?  Why or why not? (10 points)

https://www.wsj.com/articles/even-with-a-strong-crop-this-year-u-s-farmers-are-suffering-11598088601