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US legislation increasing the proportion of ethanol

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 +,,#-',.
# %"
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Questions (a) Explain the impact of 'US legislation increasing the proportion of ethanol to be included in petrol' on the market for corn. [4m] (b) Using a demand and supply diagram, explain the reasons for the rise in tortilla prices. [6m] (c) (i) Identify the type of government policy that has been implemented to prevent the rising prices of tortillas. [1m] (ii) Using a diagram, explain the effects on the market for tortillas should the 'voluntary price cap' be effective. [3m] (d) Discuss whether the two policies implemented by the Mexican government will be beneficial to society. [6m] Total: 20m Answers to Questions (a) Explain the impact of 'US legislation increasing the proportion of ethanol to be included in petrol' on the market for corn. [4m] Question analysis: for 'impact' on market ? always analyze impact on equilibrium price & qty of market Govt policy to increase proportion of ethanol to be included in petrol will increase demand for ethanol [1m] Increased demand for ethanol will increase demand for corn since corn is a factor of production for ethanol [demand for corn is a derived demand - derived from demand for ethanol] [1m] Increased demand for corn will lead to a ...
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