Economy Week 1 - 1) Write your individual answers to three...

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[Type text] [Type text] [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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Unformatted text preview: 1) Write your individual answers to three questions listed above together not each minimum 300 words in essay format in APA style [use APA template in Doc Sharing] , using correct economic terms covered in the discussions. If you ONLY write 300 words , you probably wont be able to fully answer the questions. 2) Your answers must employ the determinants of demand and the determinants of supply, the determinant of quantity-demanded, the characteristics of Price Elasticity of Demand and the effect of Price elasticity of Demand on Total Revenue. 3) You must use at least one article . Note: The textbook is not an article and cannot be the ONLY source for the assignments. Use the DeVry Library as a resource for finding your references ....
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