EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 24, Problem 6PA
Subpart (a):
To determine
Subpart (b):
To determine
Demand and supply model resulting from a new legislation.
Subpart (c):
To determine
Demand and supply model resulting from a new legislation.
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1b. (5 pts) Under the 1990 Farm Bill and given the initial situation of a target price and
marketing loan, indicate where the market price (MP), quantity supplied (QS) and demanded
(QD), government stocks (GS), and Deficiency Payments (DP) and Marketing Loan Gains
(MLG), if any, would be on the graph below. If applicable, indicate the price floor (PF) on the
graph.
TP
$
NLR
So
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