Final answer:
Farmers would expect increased revenues if the demand for wheat was inelastic, as consumers' buying patterns remain consistent despite changes in price. This condition, coupled with the technological advancements of the Green Revolution, allowed farmers to benefit from increased production without severely reducing total revenue.
Step-by-step explanation:
When high-yielding wheat varieties were discovered, leading to an increase in supply, farmers knew that revenues would increase if the demand for wheat was inelastic. This is because inelastic demand indicates that consumers will continue to buy relatively the same amount regardless of price changes.
In this case, technological advancements from the Green Revolution led to a significant rightward shift of the supply curve, resulting in higher quantities produced at any given price. Moreover, since food demand is generally inelastic, even a surge in production that might lead to lowered prices does not significantly decrease total revenue, and can actually increase it if the quantity sold compensates for the lower price.