Chrome File Edit View History Bookmarks People Tab Window Help P 2 82 Preliminary Source Search - G x 4 My Drive - Google Drive x A Homepage - ECON 200 SP20 X Exam 2 Homework (Graded) C newconnect.mheducation.com/flow/connect.html Exam 2 Homework (Graded) Saved 7 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 Quantity of Butter Quantity of Butter 0.33 Price (dollars manded supplied millions of iliions of points per pound) pounds) 20.60 1.00 Book 1. 10 1.40 References 1.50 1.60 1.70 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= $ 120 Q = >98 million pounds b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program? 79 million pounds @11 million pounds 22 million pounds Zero Suppose that a decrease in the cost of feeding cows shifts the supply schedule to the right by 40 million pounds at every price. c. Fill in the new supply schedule given the change in the cost of feeding cows. Market for Wholesale Butter Butter Initial Demanded supplied Now Quantity of Butter - Practice Exa.docx Practice Exa.docx Written Homew....pdf 27 8 O MacBook Pro esc C Q Search or type URL a # $ o & N 3 4 5 6 V 8 Q W E R T Y U O tab A S caps lock F G H K