The assignment this week, which will please the Hybrid portion of class, will be to write a 3-5 page paper on the Corn Market. Answering the following:Analyze the potential impact on the market for corn for each of the following situations. Describe the short- and long-run effects on equilibrium price and quantity.(1) Congress demands that car manufacturers produce ethanol-only or alcohol-only cars;(2) A major drought in the upper and Midwest regions of the United States cause grain feed and beef prices to rise;(3) Major market publications, including Medical Journals and daily papers, begin reporting that ingestion of whole corn may be linked to cancer;(4) A low-cost substitute for corn-dependent foods (think corn flakes and tortilla chips) is developed and approved for human consumption. The new product combines all of the beneficial qualities of corn, and removes the need for cornfields, farms, and farmers. (This section must include a social ethics presentation).You MUST use at least ONE outside source for EACH answer. Major publications that are not peer-reviewed are acceptable. Proper APA citations and References are Required!
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