Question
In the Farm focus for January, 2021 there was an article on supply chains (A supply chain involves a series of steps involved to get
In the Farm focus for January, 2021 there was an article on supply chains (A supply chain involves a series of steps involved to get a product or service to the customer) disruptions which have created challenges for the global agricultural industry. One challenging issue was the global rising costs of energy. This globally pushed manufacturing costs of fertilizer higher in 2021. China is the largest producer and exporter of fertilizer globally, supplying roughly 10% of global urea (nitrogen-release fertilizer) and 30 percent of global phosphate. This has affected domestic agricultural production. Given this situation you are interested in the affect on the domestic grain industry in Canada. By using supply and demand (on the same graph) for grain show what happens to prices and quantities in this market. Make sure your graph is well labelled. You will need to describe your diagram. You also need to determine if the changes affect supply or demand.
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