Describe what will happen to the price of corn oil

Reference no: EM13243293

[1] If the demand for corn increases dueto its use as an alternative energy source, what will happen to thesupply of corn's substitute such as soybean?Explain, in economic terms, why this is so.

[2] What will happen tothe price of corn oil?

[3] How does theprice elasticity of demand for corn oil influencethe quantity-demanded of corn oil and theTotal Revenue earned by sellers of corn oil?Explain, using economic terms, why this is so.

Reference no: EM13243293

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