Suppose that the demand curve for wheat is Q= 110 - 8p and the supply curve is Q= 4p. The government imposes a price support at p= 11 using a deficiency payment program. a. What are the quantity supplied, the price that clears the market, and the deficiency payment? The quantity supplied with the price support is 44 (round your answer to the nearest integer The market clearing price with the price support is $ 8.25 (round your answer to the nearest penny). The deficiency payment is $ 121 (round your answer to the nearest penny). b. What effect does this program have on consumer surplus, producer surplus, welfare, and deadweight loss? The change in consumer surplus (CS) is $ - 24 (round your answer to the nearest penny). The change in producer surplus (PS) is $74 (round your answer to the nearest penny). The deadweight loss (DWL) is $71 (round your answer to the nearest penny).

Suppose that the demand curve for wheat is Q= 110 - 8p and the supply curve is Q= 4p. The government imposes a price support at p= 11 using a deficiency payment program. a. What are the quantity supplied, the price that clears the market, and the deficiency payment? The quantity supplied with the price support is 44 (round your answer to the nearest integer The market clearing price with the price support is $ 8.25 (round your answer to the nearest penny). The deficiency payment is $ 121 (round your answer to the nearest penny). b. What effect does this program have on consumer surplus, producer surplus, welfare, and deadweight loss? The change in consumer surplus (CS) is $ - 24 (round your answer to the nearest penny). The change in producer surplus (PS) is $74 (round your answer to the nearest penny). The deadweight loss (DWL) is $71 (round your answer to the nearest penny).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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