Q ) You grow and sell wheat on the Canadian and international markets.

a. In your experience, the demand curve for wheat is relatively inelastic. The supply curve is relatively elastic. Plot these curves and identify a market equilibrium.

b. Rice, a substitute grain in many regions, has experienced a supply shock due to disease. As a result, consumers are substituting to wheat-related products in their cooking. Plot how the market for wheat would change and how the equilibrium would change.

c. Will you provide more wheat to the market if you can? Why?