[Solution Library] Illustrate, using supply/demand, the change in the market for ethanol described in this newspaper article. Did both the supply and demand for
Question: Illustrate, using supply/demand, the change in the market for ethanol described in this newspaper article. Did both the supply and demand for the good change? Can the market price of ethanol substantially deviate from the price of standard gasoline?
Deliverable: Word Document 
(See Solution) Suppose graph 2 represents a consumer's budget
![[See Solution] Suppose a consumer's preferences can](/images/solutions/MC-solution-library-72011.jpg "[See Solution] Suppose a consumer's preferences can be represented")
[See Solution] Suppose a consumer's preferences can be represented
Solution: Suppose a consumer's preferences can be represented
![[Solution] Utilize the assumption that consumers' preferences](/images/solutions/MC-solution-library-72013.jpg "[Solution] Utilize the assumption that consumers' preferences")
[Solution] Utilize the assumption that consumers' preferences
![[Steps Shown] Is it consistent to claim](/images/solutions/MC-solution-library-72014.jpg "[Steps Shown] Is it consistent to claim that (a) people's preferences")
[Steps Shown] Is it consistent to claim that (a) people's preferences
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