Ask Question, Ask an Expert


Ask Microeconomics Expert

Wheat prices soared to a record on futures markets Thursday, propelled by tight world supplies and strong demand. Relief could be awhile in coming. Wheat for December delivery closed at $9.33 a bushel in Chicago, more then double the price from a year ago. Drought in Australia and poor crops in other nations helped drive US and world supplies to the lowest levels in decades. The wheat production problems are exceptional. You don't usually have bad weather in as many different places around the world at the same time. Major wheat producers Russia and Ukraine faces export restrictions. In Italy consumer groups staged a mini boycott of bread and pasta to protest prices. We've placed so much demand on, feed grain to turn into fuel, we can't play catch up as quite as fast globally.

Graph the changes in the wheat market as described. Be sure to show how the change in demand and the change in supply increased the equilibrium price.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937919

Have any Question? 

Related Questions in Microeconomics

Principles of economics1 which statement is truea today

Principles of Economics 1. Which statement is true? A) Today more workers in the U.S. are members of labor unions than any time in our history. B) Today labor unions are weaker than any time in the last 100 years. C) No ...

1 mary has two possible career paths she can become either

1. Mary has two possible career paths. She can become either a biologist or a concert pianist. Mary lives for 2 periods. In the first period she gets the appropriate education for her career. In the second period, she wo ...

Assignment key concepts of economicswrite a three to four

Assignment: Key Concepts of Economics Write a three to four page paper in which you: 1. Identify at least four key points of a relevant economic article from either the Strayer Library or a newspaper. The article must de ...

Discussion questionsanswer both questions 1 and 2 below in

Discussion Questions Answer both questions 1 and 2 below in this same discussion. 1. Research the Microbead-Free Waters Act of 2015 and the Main Street Fairness Act and discuss: • Why do you think the Microbead Act becam ...

Microeonomicsyou are given the following scenarios for

Microeonomics You are given the following scenarios for consideration: • Scenario 1: Assume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic ...

Assignment description1st forum assignmentbullwhat

Assignment Description 1st Forum Assignment: • What organizational leadership challenges do you see in your industry today? • What organizational leadership challenges do you foresee in your industry 10 years from now? • ...

Suppose the consumerworker values two things a consumption

Suppose the consumer/worker values two things: a consumption good C and leisure L. Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C, L) = C^0.5 + L ^0.5 The price of consumptio ...

Economicsread the case study on page 27 protecting

Economics Read the case study on page 27 "Protecting Endangered Species with Private Property Rights." Write an essay 1,000-1,250 words, answering the following questions: 1. Economists argue that scarcity is different t ...

Case studyprojectthere is a single case project worth 10 of

Case Study/Project There is a single case project worth 10% of your total grade. This is due on Sunday of week 6 at midnight EST. Select a news article dated within the previous two months, and analyzes the issue using t ...

Economic essayi want you to keep up with current events by

Economic essay I want you to keep up with current events by reading The Wall Street Journal or The New York Times (you have free access to these resources). When you find an article that deals in some way with a topic be ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate