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nakungth nakungth
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6 years ago
The supply and demand curves for corn are as follows:
   QD = 3,750 - 725P
   QS = 920 + 690P,        
where Q = millions of bushels and P = price per bushel.

a.   Calculate the equilibrium price and quantity that would prevail in the free market.
b.   The government has imposed a $2.50 per bushel support price.  How much corn will the government be forced to purchase?
c.   Calculate the loss in consumer surplus that would occur under the support program.
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
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Bart_argBart_arg
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nakungth Author
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6 years ago
Thanks for your help!!
kaytee23
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Yesterday
Thank you, thank you, thank you!
loki1345
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2 hours ago
Helped a lot
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