The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound for butter they supply to the market. Below is the current monthly demand and supply schedules for wholesale butter (in millions of pounds per month). Market for Wholesale Butter Price (dollars per pound) 50.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 Quantity of Quantity of Butter Butter Demanded Supplied (millions of (millions of pounds) pounds) 109 65 106 73 103 100 97 94 91 88 85 82 79 zero 81 89 97 105 113 Ⓒ22 million pounds 79 million pounds 121 129 Instructions: Round your answer for price to two decimal places. Enter your answers for quantity as a whole number. a. What are the equilibrium price and quantity in the wholesale butter market? P-S 137 145 Q= million pounds b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program?

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