The market demand function is QS = 18 – 2P The market supply function is QD= 5P – 1.5 both measured in billions of bushels per year. The initial…

The market demand function is

QS = 18 – 2P

The market supply function is

QD= 5P – 1.5

both measured in billions of bushels per year. The initial equilibrium price is $2.79, and the initial equilibrium quantity is 12 billion bushels. Consumer surplus is $38.62, producer surplus is $15.45, and aggregate surplus is $54.06. Suppose the government wants to raise the price of corn to $3.50. What are the welfare effects of a price floor, price support, production quota, and voluntary production reduction program?

A price floor  

A.Consumer surplus 

B.  Producer surplus 

C. Cost to the government

D.  Aggregate surplus 

E.  Deadweight loss billion

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