Week-2-Assignment-Butler-Jeremy

Apr 28th, 2015
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In a hypothetical situation, this short essay takes a look at what will happen to the supply of corn if the demand for it increases due to its use as an alternative energy source. It will also try to answer the question of what might happen to substitutes of fuel grade corn such as soybeans, and explain possible determinants of price.

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Week 2 Assignment: The Elasticities of Demand and SupplyJeremy D. ButlerDevry University/Chamberlain College of Nursing ECON312: Principles of EconomicsBarbara SonSpring Session B, 2011The Elasticities of Demand and SupplyIntroductionIn a hypothetical situation, this short essay takes a look at what will happen to the supply of corn if the demand for it increases due to its use as an alternative energy source. It will also try to answer the question of what might happen to substitutes of fuel grade corn such as soybeans, and explain possible determinants of price. The Price of Corn in OhioIn a country richly dependent on fossil fuels where the quest for alternative energy sources such as corn oil is ongoing, an unexpected consequence has ensued: a rise in food costs (Rosenwald, 2007). Many may question why the rise in fuel for our vehicles would correlate to a rise in cost for fuel for our bodies such as beef, milk, cereal, eggs, and poultry and pork products (The Canadian, n.d.). It is explainable when we correlate the relationship between the costs in terms of price elasticity of demand, or the measure of responsiveness of the quantity demanded of a good or s

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