Other Things Being Equal, Explain the Effect Each of the Following

question 84

Short Answer

Other things being equal, explain the effect each of the following situations will have on either the demand or supply of corn. Explain also what the effect will be on equilibrium price and quantity.
a. corn is now considered by doctors to be the most healthy vegetable
b. there is a decline in the amount of land used to grow corn
c. producers expect the price of corn to fall in the future
d. the price of peas, a substitute for corn, goes up
e. corn is a normal good and incomes fall
f. the price of fertiliser rises

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Definitions:

Overt Behavior

Observable actions or responses of an individual, which can be directly seen and measured by others.

Operant Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment.

Freudian Psychoanalysis

A psychological theory and therapy method developed by Sigmund Freud that emphasizes unconscious motivations and conflicts as determinants of human behavior.

Humanistic Philosophy

A philosophical approach that emphasizes the personal worth of the individual and the centrality of human values.