Ethanol, a fuel, is made from corn. Ethanol production increased 8.5 times from 2000 to 2015 (www.ethanolrfa.org). Show the effect of this increased use of corn for producing ethanol on the price of corn and the consumption of corn as food using a supply-and-demand diagram.

Q: PRICE($) Demand QUANTITY Supply

A: Demand curve shows a negative relationship between price and quantity demanded. Supply curve shows a…

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A: The answer to the given question is from a generalized economic perspective.The Law of Demand is…

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Q: Distinguish between the change in the quantity supplied and the change in the supply

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Q: How might companies such as Mars and Nestlé react to an increase in the price of sugar?

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Q: In a graph of supply and demand, the intersection of the supply and demand curves for a good…

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A: The demand curve is the downward sloping curve. Demand curve graph representing connection between…

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A: At the equilibrium price, the quantity demanded is equal to the quantity supplied.Equilibrium occurs…

Q: Explain why you think that the demand of one product may diminish as prices are increased

A: As per Law of Demand, the demand of any good decreases with increase in price given other…

Q: Ethanol, a fuel, is made from corn. Ethanol production increased 5.5 times from 2000 to 2008 and…

A: Increase in production of ethanol implies decrease in availability of corn for other use. This means…

Q: Compare the new demand curve or supply curve by drawing it on the same graph. Find the new…

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Q: Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain…

A: A shortage occurs when the quantity demanded is greater than the quantity supplied. A surplus occurs…

Q: Explain in a critical way the effects of supply and demand on seasonal agricultural products…

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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