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Linda_us, Finance, Accounts & Homework Tutor
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[1] If the demand for corn increases due to its use as an alternative

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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.
Submitted: 6 years ago.
Category: Homework
Expert:  Linda_us replied 6 years ago.
Hi Customer

Thanks for requesting me. I have a model Answer for the question if you want I can upload that. You can reword it according to your needs. If the is ok with you let me know.





Edited by Linda on 9/12/2010 at 9:57 PM EST
Customer: replied 6 years ago.
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Expert:  Linda_us replied 6 years ago.

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