Ethanol, a fuel, is made from corn. Ethanol production increased 9.1 times from 2000 to2019 (https://ethanolrfa.org/statistics/annual-ethanolproduction/). What effect did this increased use of corn for producing ethanol have onthe price of corn and the consumption of corn as food?1.) Use the line drawing tool to draw either a new demand curve (D₂) or a new supply curve (S₂) that shows how the increased use of cornfor producing ethanol affects the market for corn as food. Properly label this line.2.) Use the point drawing tool to indicate the new market equilibrium. Label this point 'e₂'.Carefully follow the instructions above, and only draw the required objects.$, price of cornQ₁Q, quantity of corn as foodS₁D₁ Green et al. (2005) estimate the supply and demand curves for California processed tomatoes. The supply function is:In(Q) = 0.200+ 0.550 In(p),where Q is the quantity of processing tomatoes in millions of tons per year and p is the price in dollars per ton. The demand function is:In(Q) = 2.600 -0.200 In(p) + 0.150 In(pt),where pt is the price of tomato paste (which is what processing tomatoes are used to produce) in dollars per ton.Suppose pt = $93.Determine how the equilibrium price and quantity of processing tomatoes change if the price of tomato paste rises by 18%.If the price of tomato paste rises by 18%, then the equilibrium price willby $. (Enter a numeric response using a real number rounded to two decimal places.)

Market equilibrium: At the market equilibrium demand equals supply. Or at market equilibrium point…

Green et al. (2005) estimate the supply and demand curves for California processed tomatoes. The supply function is: In(Q) = 0.200 + 0.550 In(p), where Q is the quantity of processing tomatoes in millions of tons per year and p is the price in dollars per ton. The demand function is: In(Q) = 2.600 -0.200 In(p) + 0.150 In(p₂), where p, is the price of tomato paste (which is what processing tomatoes are used to produce) in dollars per ton. Suppose p = $93. Determine how the equilibrium price and quantity of processing tomatoes change if the price of tomato paste rises by 18%. If the price of tomato paste rises by 18%, then the equilibrium price will by $ (Enter a numeric response using a real number rounded to two decimal places.)

Green et al. (2005) estimate the supply and demand curves for California processed tomatoes. The supply function is: In(Q) = 0.200 + 0.550 In(p), where Q is the quantity of processing tomatoes in millions of tons per year and p is the price in dollars per ton. The demand function is: In(Q) = 2.600 -0.200 In(p) + 0.150 In(p₂), where p, is the price of tomato paste (which is what processing tomatoes are used to produce) in dollars per ton. Suppose p = $93. Determine how the equilibrium price and quantity of processing tomatoes change if the price of tomato paste rises by 18%. If the price of tomato paste rises by 18%, then the equilibrium price will by $ (Enter a numeric response using a real number rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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