In equilibrium, what is the total revenue received by producers? Suppose that government imposes a price...

 

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In equilibrium, what is the total revenue received by producers? Suppose that government imposes a price floor of $4 per kilo. - What quantity will be demanded? -What quantity will farmers produce? -What quantity will government buy? -How much will it cost to buy the surplus? 5 Price per bushel 3 N 1 0 1 D 3 5 7 Quantity per period (millions of bushels) In equilibrium, what is the total revenue received by producers? Suppose that government imposes a price floor of $4 per kilo. - What quantity will be demanded? -What quantity will farmers produce? -What quantity will government buy? -How much will it cost to buy the surplus? 5 Price per bushel 3 N 1 0 1 D 3 5 7 Quantity per period (millions of bushels)