Corn prices have surged 80 percent in the past year, driven up by a global rush for
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Corn prices have surged 80 percent in the past year, driven up by a global rush for grains to feed people and livestock and to make biofuel. USA Today, June 26, 2008 Explain why the price of corn surged. Explain how marginal revenue, the marginal cost of producing corn, and the farm’s economic profit changed.
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An increase in the market demand for corn increased the market price Th...View the full answer
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