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The market demand function for corn is
Qd = 15 -2P.
The market supply function is
QS = 5P – 2.5,
both measured in billions of bushels per year. The initial equilibrium price is $2.5, and the initial equilibrium quantity is 10 billion bushels. Consumer surplus is $25.00, producer surplus is $10.00, and aggregate surplus is $35.00. Suppose the government gives corn farmers a subsidy of $0.91 per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the subsidy?
Instructions: Round your answers to 2 decimal places.
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