CORN MARKET $15 Supply $1 $9 Demand $1 40 60 75 QUANTITY OF CORN (units per year) 2. The graph above shows the perfectly competitive corn market. (a) Between the prices of $9 and $11, is the demand for corn relatively elastic, perfectly elastic, unit elastic, relatively inelastic, or perfectly inelastic? Explain using specific values. Suppose the government is considering different programs to help corn farmers in the market represented above. (b) Program 1: The government establishes a price floor at $11. How much corn will be purchased by consumers? (c) Program 2: The government guarantees a market price of $11 by purchasing all the surplus corn. How much corn will the government need to purchase? (d) Program 3: The government pays farmers to switch to wheat production. Redraw the graph of the corn market above including the numbers, and show the shift that illustrates how paying farmers to switch to wheat production can achieve a market price of $11 for corn. (e) Program 4: The government successfully markets corn as an export. (i) Explain how increasing exports can achieve a market price of $11. (ii) Calculate the producer surplus when the government successfully raises the price of corn to $11 by marketing it as an export. Show your work. 5 PRICE (S per unit)

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.