So what would happen, really, if farmers couldn’t live on making food anymore? So, farmers would stop making it and food would disappear from the system.. yet magically prices would still be the same? Would people be crawling around starving and begging for a snack yet not be willing to pay some more for it? Obviously that elasticity is not a constant.. if things change it changes too.
Analogy from Physics: a rubber ball is soft and bouncy seemingly all the time, round the clock, every day, all summer long. But change conditions, let’s say, freeze it up. It will get brittle, won’t bounce but break to pieces.
Anyway, even inanimate objects, like the rubber ball, can respond dramatically to new conditions, not to speak of human beings and something as important as food.