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Essay / Research Paper Abstract
This 6 page paper answers 3 questions set by the student, assessing the impact of demand and price on corn if it is found to be a suitable source for energy production, assesses the implications for demand and price on substitute products and considers the potential decisions made by farmers if corn and the substitutes all need the same inputs. The last part of the paper looks at the way the changes in price and revenue may be assessed under the concept of elasticity. The bibliography cites 3 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEcornqu.rtf
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Unformatted sample text from the term paper:
is increased demand will reflect the concept of supply and demand. If there is increased demand for corn this will impact on the demand, to look at this it is
best to look at the way that the price is determined first (question 2) as we can use this answer to then look at what may happen to the substitutes
which use the same inputs and then we will look at question 1 Question 2 The increased demand for corn is likely
to result in an increase in price. To explain how and why this will occur we need to look a the concept of price being determined by the function of
supply and demand. In any market there will be supply and demand, in simple terms the price paid for a good will be the point of equilibrium where the supply
and the demand interest when represented in a graph. This can be represented in graphical form with a supply and a demand line. The supply line is an upward slope
that shows that as the price increases a supplier will want to supply a greater quantity. With quantity shown on the X axis and price on the Y axis
(Nellis and Parker, 2006). The demand line moves in the opposite direction; a downward slope, this shows that as the price decreases the demand is likely to increase. It should
be noted that this is the case for most goods, but not all will have this same slope, there are some goods that may become less desirable as the price
decreases, these are referred to as giffen goods (Nellis and Parker, 2006). However, for the majority of goods, including corn, there is a normal supply and demand curve, sloping
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