Demand for Corn
With regard to Corn
If the demand for corn increases due to its use alternatively energy source, the supply of hammer toe substitute just like soybean might decrease. This may happen mainly because as the necessity of corn rises, the price tag on corn could rise. And so the producers of the substitute just like soybean would start creating corn instead of the soybean since they have the same farmland. The producers of soybean will be prepared to make more profit by offering corn for a higher price assuming the cost of production remains a similar. Therefore the quantity supplied of substitute such as soybean might reduce.
Price of Corn
The purchase price increase of corn could lead to a rise in the price of hammer toe oil. Corn will behave as a high uncooked material expense in producing corn petrol. Moreover while the demand to get corn is usually to be used in the availability of various energy soars, the total variety supplied intended for production of corn petrol would decrease initially while the quantity required for corn will remain precisely the same and hence the price tag on corn can rise which ultimately trigger the price of hammer toe oil to rise.
Cost of Elasticity
The retail price elasticity of demand for hammer toe oil can eventually cause a decrease in demand for hammer toe oil and therefore as the demand decreases, product sales will drop and total revenue earned by retailers of hammer toe will decline. In the market there are plenty of available alternatives for a product like Corn oil. Hammer toe oil is usually not a necessity for life and can be substituted with other related products. In this case soybean oil might be a close replacement for corn oil. Hence as with the price suppleness of demand, increase in cost of the corn oil will lead to decrease in demand in the corn olive oil as the consumers will certainly switch by high priced corn oil towards the cheaper alternative soybean essential oil. In effect together with the decrease in require of corn oil the sales will fall ultimately causing a decrease in the Total revenue earned by sellers of corn petrol.
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