If the demand for corn increases due to its use as an alternative energy source, what will happen to the supply of corn's substitute such as soybean? Assume that, besides being substitutes for one another, corn and soybeans require the same raw material, such as the same farm land. Think about whether farmers will use their soybean farms to produce more or less corn. Explain, in economic terms [e.g. supply determinants], why this is so. [2] What will happen to the price of corn oil? [3] How does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
1. Write your individual answer to three questions listed above minimum 300 words in APA style [use APA template in Doc Sharing], using correct economic terms covered in the discussions.
2. Your answers must employ the determinants of demand and the determinants of supply, the determinant of quantity-demanded, the characteristics of Price Elasticity of Demand and the effect of Price elasticity of Demand on Total Revenue.
3. You must use at least one article. Note: The textbook is not an article and cannot be the ONLY source for the assignments. Use the DeVry Library as a resource for finding your references."