Calculate the u.s. price elasticity of supply of corn

Reference no: EM131298558

Record U.S. corn crop, up 24%, is forecast The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price.

Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?

Reference no: EM131298558

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