Suppose that the quantity of corn supplied depends on the price of corn ( P ) and the amount of…


Suppose that the aggregate of corn replete depends on the worth of corn (P) and the totality of rainfall (R). The call-for for corn depends on the worth of corn and the equalize of thin proceeds (I). The equations describing the provide and call-for relationships are Qs=20R+100Pand Qd=4000-100P+10I.

a) Sketch a graph of call-for and provide curves

b) Sketch a graph that shows the result of an increasein rainfall on the makeweight worth and aggregate of corn.

c) Sketch a graph of call-for and provide curves that shows the result of a decreasein thin proceeds on the makeweight worth and aggregate of corn.