"Popcorn Movie" Experience gets pricier
Cinemas are raising the price of popcorn. Demand for field? corn, which is used for animal? feed, corn? syrup, and? ethanol, has increased and its price has exploded.? That's caused some farmers to shift from growing popcorn to? easier-to-grow field corn.
Read the news? clip, then illustrate the events described.
1) In the left? graph, show the effect in the market for popcorn. Draw a new curve and label it. Draw a point at the new equilibrium price and new equilibrium quantity.
2) In the right? graph, show the effect in the market for movie tickets. Draw a new curve and label it. Draw a point at the new equilibrium price and new equilibrium quantity.