Record U.S. corn crop, up 24%, is forecastThe USDA reported that world corn production will be 9.9 percent greater than last year’s, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year’s price.Source: Bloomberg News, August 11, 20074. (1 point) Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?5. (0.5 points) Calculate the world price elasticity of supply of corn.