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14 Oct 2018

1) Farm land can be used to produce either cattle or corn. If the demand for cattle increases, then the A) demand for corn increases. B) supply of corn increases. C) demand for corn decreases. D) supply of corn decreases. E) both B and C.

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Nestor RutherfordLv2

15 Oct 2018

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Discuss (briefly explain in short answers) the variables that influence supply.

Much of the Arab world’s corn is grown in Egypt, but the climate and soil conditions in the state are well-suited for growing soybeans as well. Farmers face a choice each year to plant corn or soybeans, or a combination of the two crops.

1- If both crops can be grown on the same land, why would a farmer choose to produce corn rather than soybeans?

2- Which of the variables that influence supply would explain a farmer’s choice to produce soybeans or corn?

blackyak323

If Lowa's opportunity cost of corn is lower than Oklahoma's opportunity cost of corn, then:

a. Lowa has an absolute advantage in the production of corn.

b. Lowa has a comparative advantage in the production of corn.

c. Oklahoma should produce just enough corn to satisfy its own residents' demands.

d. Lowa should import corn from Oklahoma.

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1) Farm land can be used to produce either cattle or corn. If the demand for cattle increases, then the A) demand for corn increases. B) supply of corn increases. C) demand for corn decreases. D) supply of corn decreases. E) both B and C.

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