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Suppose now that the annual supply of feed corn from the October harvest is forecast to again be 900 bushels.But now, reflecting the fact that
Suppose now that the annual supply of feed corn from the October harvest is forecast to again be 900 bushels.But now, reflecting the fact that there is greater demand for feed corn in the colder months, there is a seasonal pattern to demand as shown below in the monthly demand curves.
November, December, January, February, and March:QD = 120 - 2.4 Price
May, June, July, August, and September:QD = 60 - 3.8 Price
April and October:QD = 75 - 3.1 Price
What will be the price of feed corn when the harvest is completed in early October?
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