Grain prices have fallen roughly 50 percent from earlier this year. With better-than-expected crop yields, world grain

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Grain prices have fallen roughly 50 percent from earlier this year. With better-than-expected crop yields, world grain production this year will rise nearly 5 percent from 2007 to a record high.
Why did grain prices fall in 2008? Draw a graph to show that short-run effect on an individual farmer’s economic profit.
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Microeconomics

ISBN: 978-0133019940

11th edition

Authors: Michael Parkin

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