If a tobacco farmer faces price inelastic demand and voluntarily does not plant tobacco on 15% of their land then the price of tobacco would increase and the farmer would be better off.
What is tobacco?
Tobacco is the common name for numerous plants in the genus Nicotiana of the Solanaceae family, as well as the umbrella word for any product made from the cured leaves of these species. There are over 70 tobacco species identified, but N. tabacum is the most important commercial crop. In some areas, the more potent variety N. Dried tobacco leaves are commonly used in cigarettes, cigars, pipes, as well as shishas. They are also available in snuff, chewing tobacco, dipping tobacco, and snus form.
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