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What happens to the incomes of producers in illinois

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Question: In the market for corn the supply curve is QS = -2 + P and the demand curve is QD = 10 - P. Solve these for equilibrium price and quantity. Now assume that producers in Illinois grow 10 percent of that output. One year, however, they have particularly good weather and their crop yields increase by 20 percent, that is, their share of the nation's corn output increases to 12 percent. (Think of this as a 2 percent rightward parallel shift in the supply curve.) What happens to market price and output? In qualitative terms, what happens to the incomes of producers in Illinois?

Reference no: EM131685408

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