a) The USDA predicts that U.S. farmers will increase the land used for the nation’s eight largest crops by 9.8 million acres, the biggest change in 15 years.
b) Possible civil war in cocoa-producing Ivory Coast increased prices to the highest levels in 32 years despite increased production last year.
C) Weather problems in major wheat-producing countries such as Canada and Russia caused world wheat production to drop 5.5 percent.
Using standard demand and supply curves, describe and illustrate the effect on equilibrium price and quantity of each of these changes in the particular commodity market.