Problem
Record U.S. corn crop, up 24%, is forecast The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price.
Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.