Given what you know about the relationship between corn and beef and corn and soybeans and corn and gasoline, determine the impact of an increase in the price of corn (due to a new insect that eats the roots out of corn) on soybeans, beef, and gasoline.

Corn is used to feed cattle, therefore, an increase in the price of corn will result in an increase in the price of beef. This should result in a decrease of the quantity demanded of beef.

Corn is used to produce biofuels that are added to gasoline, therefore, an increase in the price of corn will result in an increase in the price of gasoline. An increase in the price of gasoline should decrease the quantity demanded (since gasoline's PED is very low, the decrease will probably be minuscule).

Since corn and soybeans are substitutes, an increase in the price of corn will increase the quantity demanded of soybeans.

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hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi