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1] If the demand for corn increases due to its use as an alternative energy source, what will happen to the supply of corn's substitute such as soybean? Assume that, besides being substitutes for one another, corn and soybeans require the same raw material, such as the same farm land. Think about whether farmers will use their soybean farms to produce more or less corn. Explain, in economic terms [e.g. supply determinants], why this is so.
[2] What will happen to the price of corn oil?
[3] How does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
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Does the GDP deflator do a better job than the CPI in measuring the cost of living
Justify your discussion and analysis by using appropriate examples and references." The additional information on Trade Data and Analysis was submited last night.
hould the measure of imports used in the GNP accounts therefore be defined to include only imports of FINAL goods and services from abroad. What about export.
explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost.
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demand for a good of an industry is given by the equation pq=100, where p is the price and q is quantity and supply is given by the equation 20+3p=q. find out the equation price and quantity
Congress is proposing a bill that will roll back gasoline prices to four dollars a gallon. Analyze the consequences of such a bill and whether or not you would personally favor it. Consider all the costs involved in your analysis.
Explicates how the factors determining resource demand differ from those determining product demand.
Explain this result in terms of the example in the question above. How might things change if the border were open, with no restrictions on immigration?
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