Question
Case study 1: Cheaper Weet-Bix on the way? Visit https://daff.ent.sirsidynix.net.au/client/en_AU/search/asset/1031121/0 and read pages 26 to 34 about wheat and coarse grains. Then answer the questions
Case study 1: Cheaper Weet-Bix on the way? Visit https://daff.ent.sirsidynix.net.au/client/en_AU/search/asset/1031121/0 and read pages 26 to 34 about wheat and coarse grains. Then answer the questions that follow. a) Draw a diagram to show the wheat market change that will result in lower wheat prices. b) Which commodity or commodities could be regarded as a substitute for wheat? Make sure to explain your answer fully. c) What effect might the lower price of wheat have on the price of substitute grains? Please justify your answer. d) Draw a diagram to show the change in the market for a substitute grain. e) Explain the non-price determinants involved in the change in both markets (i.e. wheat and a substitute grain).
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