Question: help, dont understand this question Consider a competitive market for corn with 200,000 identical farmers. Consider a competitive market price of$3 = P = MR.

 help, dont understand this question Consider a competitive market for corn

help, dont understand this question

with 200,000 identical farmers. Consider a competitive market price of$3 = P

Consider a competitive market for corn with 200,000 identical farmers. Consider a competitive market price of$3 = P = MR. Take the following MC for each farmer of corn: MC = $0.6 + $0.04Q Assume industry demand is given by: Q0 = 15.000.000 1.000.000P a. Calculate the optimal level of production (in bushels) for each farmer b. Assuming 200,000 farmers of equal size, determine the market supply function and the equilibrium market quantity c. Consider that the government now imposes a 25% tax on producers, calculate the new market equilibrium price (two decimal places) and new market equilibrium output (two decimal places) d. Calculate the value of the deadweight loss for the consumer and the producer following a 25% tax on corn, as well as the amount of government revenue

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