Calculate the world price elasticity of supply of corn.

Use the following information to work Problems 8 and 9.

Record U.S. corn crop, up 24%, is forecast The USDA reported that world corn production will be 9. 9 percent greater than last year’s, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year’s price.