Question: Part 2 . Word question ( 1 0 points ) A new US farm bill imposes a price floor of $ 0 . 1 8
Part Word question points
A new US farm bill imposes a price floor of $ per pound. The quantity supplies is billion pounds and quantity demanded is billion pounds. The USDA has to buy up to billion pounds. The suppy and demand curvesin the following diagram illustrate the market for milk.
In the absence of a price floor, how much producer surplus is created point
Total surplus point
With price floor at cents per pound of milk, consumers buy billion pounds of of milk, How much consumer surplus is created points
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