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Market for Com Quantity Demanded Year 1 2 Quantity Price Supplied $2,00 200,000 100,000 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000

Market for Com Quantity Demanded Year 1 2 Quantity Price Supplied $2,00 200,000 100,000 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the following table to answer the questions that follow. N Market for Com Quantity Demanded Quantity Supplied Year Price 1 $2.00 200,000 100,000 2 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000
Transcribed Image Text:Use the following table to answer the questions that follow. N Market for Com Quantity Demanded Quantity Supplied Year Price 1 $2.00 200,000 100,000 2 $2.50 186,000 125,000 3 $3.00 184,000 141,000 4 $3.50 169,000 169,000 5 $4.00 161,000 181,000 6 $4.50 155,000 200,000 7 $5.00 120,000 223,000 What will be the amount of government expenditure required if a price floor for corn is set at $4.50 and the government agrees to purchase the amount of disequilibrium? A) no government payment required B) $202,500 OC) $10,000 OD) $45,000
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