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This is because of various reasons such: The quantity of corn production would automatically increase due to the fact that new and…
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Download file to see previous pages... the fertilizer falls, then the market supply curve would shift to the right because of the following reasons: The cost of producing the corns would have been reduced thus leading to increased supply. This also would enable many farmers that are either farming on large scale or small scale to engage in the production of corn since the production cost has been reduced for them (Flynn, et al, 2007). Another possible reason may be that farmers who are specialized on the cultivation of other crops are most likely to shift their production towards corn production
If the government offers new tax breaks to the farmers, the market supply curve of the corns would shift o the right due to the following reasons: The cost of production would have been reduced as the realized profits are increased. This is because; the reduction of tax imposed on the production of the corns would encourage many farmers to practice corn production since high tax on corn production make many farmers to shy away from producing them.
If tornado sweeps through lowa, then the supply curve of the corn production in the US would shift towards the left since the tornado would affect the corn production negatively. As a result, the supply of the corns would reduce.
If the incomes of the buyers in the market for Adirondack vacations increases, the demand curve would shift to the right because of the following reasons; when the income increases, the demand for the products increases thus leading to a shift towards the right. The second reason is that the number of people with the ability to afford the product would rise thus increasing the demand of the product
If the in the market for pizza read a study linking pepperoni consumption to heart disease, the demand curve would shift to the left due to the following reasons. A change in taste is likely to occur thus increasing the demand for substitutes as the as the demand for pizza reduces. The pizza consumers may shy away from the heart disease ...Download file to see next pagesRead More
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