According to an article in the Wall Street Journal, in early 2017, President Donald Trump was considering
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According to an article in the Wall Street Journal, in early 2017, President Donald Trump was considering whether to reverse a requirement by the Environmental Protection Agency that oil refiners increase the amount of ethanol they blend with gasoline. If the requirement were to remain, the result would be an increase in demand for ethanol, which is made from corn. Many U.S. farmers can use the same acreage to grow either corn or soybeans. Use a demand and supply graph to analyze the effect on the equilibrium price of soybeans resulting from an increase in the demand for corn.
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