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70 100 700a) assume grain is not stored. The demand and supply are expected to remain constant and no disasters are anticipated. What is the expected price for the grain? Draw a graph to display the information.
b) Suppose a drought were to strike and grain production decreased by 100 units.
What would be the actual quantity of the grain produced?
What would be the price for this quantity?
c) Production takes place just as anticipated. The actual demand is equal to the actual supply. At the same time there is a drought in another country and the demand for grain increases by 100 units. What is the actual price for the grain?
What is the actual quantity of the grain produced?