a. How would a payment to cotton farmers to idle their land influence the supply of cotton?

b. How would a payment to cotton farmers to idle their land affect the consumer surplus and the producer surplus from cotton? Explain.

Congress sent the White House a huge $290 billionelection-year farm bill which contained $40 billion for farm subsidies and almost $30 billion to farmers to idle their land. Bush has threatened to veto the bill, saying it is irresponsible and too generous to wealthy corporate farmers in a time of record crop prices.