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Go to the U. Department of Agriculture website at www.gov (Links to an external site.) Select Find Charts or Maps. Under Economics, select...
Go to the U.S. Department of Agriculture website at www.nass.usda.gov (Links to an external site.)Select Find Charts or Maps. Under Economics, select Agricultural Prices. Under Prices Received, select one farm product (e.g. Corn, Milk, Wheat, etc.).
Has the price of this product seen a general increase, or decrease, or has it remained constant over the past few years?
Compare your selected farm product to that of another classmate’s selection. Do you think Supply increased more rapidly than demand over these years for your product? Or do you think demand increased more rapidly than supply? Explain.
If the government placed a price ceiling or a price floor on this product, what would happen in the market? Explain. (Specify the price and state whether it is a price ceiling or a price floor in your case).
1The data for soyabeans and the graph is shown below. 2Prices Received by MonthSoybeansUnited States2007FEBMARAPRMAYJUNJULAUGSEPOCTNOVDEC08FEBMARAPRMAYJUNJULAUGSEPOCTNOV...