If wheat farmers know that the demand for wheat is inelastic, and they want to increase their total revenue then they should increase the price of wheat to increase total revenue.
Given that the demand for wheat is inelastic and the farmers want to increase their total revenue.
We are required to find how the farmers increase their total revenue if the demand of wheat is inelastic.
Inelastic demand means that the demand is likely not to be change by a change in the price of commodity.
If the demand is not likely to change by the change in the price then the farmers can increase their total revenue by increasing the price because the total revenue is the product of price and quantity.
Hence if wheat farmers know that the demand for wheat is inelastic, and they want to increase their total revenue then they should increase the price of wheat to increase total revenue.
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