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 34 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

skipfourms123

  • Member
  • Posts: 343
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Hand position for palpation for posterior thorax excursion Hand position for palpation for posterior thorax excursion
Spatial and Response Strategies Spatial and Response Strategies
Passive touch in center of abdomen as finishing technique. Place a hand gently in the center of the ... Passive touch in center of abdomen as finishing technique. Place a hand gently in the center of the ...
Mobilize chest and shoulders with cat paw movement. Move your hands just superior to their position ... Mobilize chest and shoulders with cat paw movement. Move your hands just superior to their position ...
With your fingertips, using medium pressure, trace the colon over the abdomen. Move in clockwise ... With your fingertips, using medium pressure, trace the colon over the abdomen. Move in clockwise ...
Stretch the hip in lateral flexion. Bring the knee toward the chest. Place one hand on the shoulder ... Stretch the hip in lateral flexion. Bring the knee toward the chest. Place one hand on the shoulder ...
Video: Negative Feedback Regulation of Blood Pressure

For a complete list of videos, visit our video library