This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: How will the invisible hand move corn prices in response to: a. a flood that destroys a great ... (Read 33 times)

imowrer

  • Hero Member
  • *****
  • Posts: 514
on: Jun 29, 2018
How will the invisible hand move corn prices in response to:
 
  a. a flood that destroys a great deal of the corn crop?
  b. a rise in the price of wheat (a substitute for corn)?
  c. a change in consumer tastes away from corn dogs toward hot dogs?
  d. an increase in the number of people with access to the corn market?

Question 2

Refer to Table 8-18. What is the GDP deflator in 2016 if 2016 is the base year?
 
  A) 120 B) 118 C) 100 D) 87


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

IRincones

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 29, 2018
Answer to Question 1

a. Since a great deal of the corn crop has been destroyed by the flood, the supply curve for corn will shift leftwards and the price of corn will increase.
b. When the price of a substitute such as wheat increases, the demand for corn will increase. The demand curve will shift rightwards and the price of corn will increase.
c. Corn (not surprisingly) is an important input in the production of corn dogs. If consumers prefer fewer corn dogs, the demand curve for corn will shift leftwards and the price of corn will fall.
d. As more buyers enter the market, the demand for corn will increase. The demand curve will shift rightwards and the price of corn will increase.

Answer to Question 2

C


imowrer

  • Member
  • Posts: 514
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

kthug

  • Member
  • Posts: 332
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

A rocky shore at low tide, showing the great abundance that can be attained by populations of intert A rocky shore at low tide, showing the great abundance that can be attained by populations of intert
Human immunodeficiency virus gains entry into helper T cells, uses the cell DNA to replicate, interf Human immunodeficiency virus gains entry into helper T cells, uses the cell DNA to replicate, interf
Locations and Response Characteristics of Photoreceptors Locations and Response Characteristics of Photoreceptors
Inside ankle press. Place the heel of your left hand on the ball of the recipient’s right foot, ... Inside ankle press. Place the heel of your left hand on the ball of the recipient’s right foot, ...
“Fight or Flight” Response “Fight or Flight” Response
To satisfy the inequality, sketch the following function by hand and shade the graph regions. To satisfy the inequality, sketch the following function by hand and shade the graph regions.
Video: Wound Repair Animation

For a complete list of videos, visit our video library