The price of grains, such as corn and soybeans, has been rapidly increasing. Catfish farms, artificial ponds where catfish are grown until they are big enough for harvesting, have been affected by higher grain prices because the catfish are fed pellets that are made with corn and soybeans.

Part 1:

Use the copy tool to show the effect of this higher price of grains on the market for farm-raised catfish (shown below). Tip: For this you would need to draw either a new demand curve (D2), a new supply curve (S2), or both.

Part 2:

Use the double drop line tool to show the new equilibrium price and quantity in the market for farm-raised catfish and label this point E2.

Answer rating: 100% (QA)

PART 1 S2 Prid C Supply In auginal equilibulum E s the puce leve... View the full answer