Market for Com Quantity Demanded Year 1 2 Quantity Price Supplied $2,00 200,000 100,000 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000

Market for Com Quantity Demanded Year 1 2 Quantity Price Supplied $2,00 200,000 100,000 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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