• In 1981 the supply curve for wheat was approximately as follows: • Supply: Qs = 1800 + 240P where price is measured in nominal dollars per bushel and quantities in millions of bushels per year. The demand curve for wheat was • Demand: Q, = 3550 - 266P A. Determine the market-clearing price of wheat for 1981: B. Find the market-clearing quantity How much would the government have had to buy to get the price from market clearing price to $3.70? D. What is the total cost to the government of the price support program. Е. С. What is the total change in welfare?

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