Visit

http://data.daff.gov.au/data/warehouse/agcomd9abcc004/agcomd9abcc20150915/AgCommodities201509_1.0.0.pdf

and read pages 27 to 35 about wheat. Then answer the questions that follow.

1.Draw a diagram to show the wheat market change that will result in lower wheat prices.

2.Which commodity or commodities could be regarded as a substitute for wheat? Make sure to explain your answer fully.

3.What effect might the lower price of wheat have on the price of substitute grains? Please justify your answer.

4.Draw a diagram to show the change in the market for a substitute grain.

5.Explain the non-price determinants involved in the change in both markets (i.e. wheat and a substitute grain).