Last year the price of corn was 3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is 4 per bushel and the quantity of corn demanded is 7 million bushels.
Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.) A) 1
B) 0.47
C) 2.14
D) 0.29
Question 2
If growth in the United States speeds up so that investors believe they can make a bigger profit from U.S. assets, the ________ U.S. dollars will ________.
A) demand for; increase
B) demand for; decrease
C) supply of; increase
D) supply of; decrease
The nitrogen cycle. Numbers represent fluxes as 1012 g N per year (data from Schlesinger 1991, after
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