In 2012, the price of corn was $8 a bushel. In 2014

In 2012, the price of corn was $8 a bushel. In 2014

Question # 00155418 Posted By: kimwood Updated on: 12/19/2015 01:09 AM Due on: 01/18/2016
Subject Economics Topic General Economics Tutorials:
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In 2012, the price of corn was $8 a bushel. In 2014, a huge harvest caused the price to drop to about $4 a bushel because quantity demanded for the corn was less than the quantity supplied. What is thelaw of supply and how does it explain why farmers increased their production of corn? If quantity demanded for corn is much less than quantity supplied, is that a shortage or a surplus? Would the price of corn be above the equilibrium price or below? Why is the price dropping?
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  1. kimwood
    Tutorial # 00149978 Posted By: kimwood Posted on: 12/19/2015 01:09 AM
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    of the commodity increases quanity ...
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