Question: Consider the corn market. The demand for corn is given by P = 60-0.3Q and supply of corn is given by P = 10

Consider the corn market. The demand for corn is given by P

Consider the corn market. The demand for corn is given by P = 60-0.3Q and supply of corn is given by P = 10 + 0.1Q. a. (2 Points) Graph the demand and supply functions. Clearly label the axis, and curves and find the intercepts and slopes. b. (1 Points) Calculate the equilibrium price and quantity. c. (2 Points) Calculate consumer surplus, producer surplus, and total surplus. Show them on your graph in part a.

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