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Nationwide, the average corn grower has increased the amount of acreage under cultivation over the past...

Nationwide, the average corn grower has increased the amount of acreage under cultivation over the past few years. The result has been that the average corn plantation produces significantly more corn than it did 10 to 20 years ago. Unfortunately for the growers, however, this has also been a period in which their total revenues have plunged. In terms of an elasticity, what must be true for these events to have occurred? Illustrate these events with a diagram, indicating the quantity effect and the price effect that gave rise to these events.

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