3900680 Hint: In answering parts A and B of ques B of question 2 below, review the graphs on pages 120- 122 of Chapter 6 in your text. Use the same…

Let’s consider the market for corn. The table below provides information

3900680Hint: In answering parts A and B of quesB of question 2 below, review the graphs on pages 120- 122 of Chapter 6 inyour text. Use the same method as used for those graphs to answer the questions below. It is highlyF. The quantity demanded of corn at $30 per bushel will be.bushelsrecommended you employ such graphs in answering the question.2. Let’s consider the market for corn. The table below provides information on the demand for andG. At $30 per bushel, the type of buyer who will no longer buy corn is .supply of corn. Information is provided on six different types of corn buyers/demanders and sixdifferent types of corn sellers/suppliers. Corn buyers are organized by their uses for corn andorn sellers by the geographic area where theThe table also shows the maximum price each type of buyer is willing and able to pay per 1,00I. Consumer Surplus at $30 per bushel will be $_ushels, and the minimum price each type of seller must receive to be induced to sell per 1,000bushelushels.Type of Buyere Willing &Type of SellerMinimum Price to Supply- bushels.demand(suppliers)(Per 1,000 bushels)I. The quantity supplied of corn at $30 per bushel will be(Per 1,000 bushels)Feed Lot Operators$40Farmers in South$10Tortilla Makers$35Farmers in Mid-West$12J. What type of seller will now be selling corn?Food$30Farmers in Mid AtlanticNGOs$25Farmers in Far West$25<. Producer surplus at $30 per bushel what will be $_Ethanol Producers$20Farmers in East$30Household Consumers$15Farmers in North$50″. Has the price support program increased, decreased, or not changed Total Surplus in theA. The market equilibrium price per 1,000 bushels of corn is $_market for corn? Briefly explain.3. The market equilibrium quantity of corn bought and sold isbushels.C. Consumer Surplus at the market equilibrium price and quantity will be $_. Producer Surplus at the market equilibrium price and quantity will be $_E. Total Surplus at the market equilibrium price and quantity will beNow, suppose corn growers arevers are successful in having a “price support” program enacted by the U.S.Federal Government. The price support program is a law that states that the minimum price, also knownas a price floor, for 1,000 bushels of corn will be $30be $30. In other words, the price at which corn can bebought and sold cannot fall below $30.

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