Microeconomics comparative statistics

timer Asked: Feb 12th, 2015

Question Description

Can you help me understand this Economics question?

I have to answer this question in paper format but i do no understand what to even say. please help!!

Corn has many uses: it is eaten fresh or used as a processed component of many foods; it is fed to animals; it is a widely used sweetener (corn syrup); and it is converted into ethanol and used as fuel. From 2002 to 2012, the weighted average price of corn increased over 200% (to $6.20 per bushel). You are discussing the impact of high corn prices on a television program. The show host asks your opinion about the impact of high corn prices on (1) land prices in corn-growing states, (2) grocery store prices of corn-fed beef. P

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