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This is not what I asked for I could have done that myself. Please look over what I asked and advise the direction I should take with this.
Equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand.
The law of demand states that an increase in the price of a commodity will lead to a fall in thedemand for the same commodity, given other things remaining constant.Consider AS AN EXAMPLE an economy which exports sugar and is at equilibrium at e, at e price is given as P and Quantity of sugar demand and supplied is Q, if income of the rest of the world increase then the demand for sugar exports would increase in contrast to the existing demand for exports i.e. the demand curve for sugar would shift rightwards from DD to DD1 (DEMAND CURVE WILL SHIFT). Therefore at equilibrium e there would be excess demand for sugar thegood demand would be Q which the good supply would be Q only in other words at,existing equilibrium e demand for sugar would be greater than the previous level of demandfor sugar due to increase in consumer income and constant supply for the good at P, thus atthe existing level of price the market experienced shortage of sugar supply.
A good way to start for your assignment would be to find a country that produces a commodity very valued CURRENTLY by other countries (example: corn in Brazil). Then you can look at the MAIN BUYER country for this commodity (which in this case will be the USA) , and compare both of them. If corn prices in Brazil go UP, demand in the USA will do down, which in turn will bring the equilibrium price of corn in Brazil down (due to less demand).
I hope this explanation helps you. I am not able to write the assignment for you, but I will be glad to help you with any more specific questions you may have. Please let me know if you need further help. Please do provide a positive rating if you are satisfied with your answer. My goal is your complete satisfaction! Thank you!
So with this corn did the supply in change happen due to the result of real world events. I am just trying to get this done and find a starting place.
Ok it makes since. One more question is the corn industry part of a free market because has to be about something in a free market