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The wheat market is perfectly competitive, and the market supply and demand curves are given by the ...

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The wheat market is perfectly competitive, and the market supply and demand curves are given by the ...

The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations:
   QD = 20,000,000 - 4,000,000P
   QS = 7,000,000 + 2,500,000P,
where QD and QS are quantity demanded and quantity supplied measured in bushels, and P = price per bushel.

a.   Determine consumer surplus at the equilibrium price and quantity.
b.   Assume that the government has imposed a price floor at $2.25 per bushel and agrees to buy any resulting excess supply. How many bushels of wheat will the government be forced to buy? Determine consumer surplus with the price floor.

Textbook

Microeconomics

Edition: 8^th

Author: Pindyck

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