1 (1.5 points) Record U.S. corn crop, up 24%, is forecast. The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price. Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte about a Decade ago, pumpkin sales have skyrocketed. The price of pumpkin increased from $286 per ton in 2000 to $732 per ton in 2014 (both prices in 2014 dollars) and the quantity produced increased from 423,000 tons in 2000 to 657,150 in 2014. Calculate the U.S. price elasticity of supply of pumpkin: Is its supply elastic