4.2 Ethanol, a fuel, is made from corn. Ethanol production increased more than 8.5 times from 1,630...

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4.2 Ethanol, a fuel, is made from corn. Ethanol production increased more than 8.5 times from 1,630 million gallons in 2000 to 13,900 million gallons in 2011 (www.ethanolrfa.org/pages/statistics). Use a supply-and-demand diagram to show the effect of this increased use of corn for producing ethanol on the price of corn and the consumption of corn as food.

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Microeconomics With Calculus

ISBN: 9780273789987

3rd Global Edition

Authors: Jeffrey M. Perloff

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