Question: Please help me. The market demand function for corn is ad: 15 -2P. The market supply function is 05: 5P- 2.5 both measured in billions

Please help me.

Please help me. The market demand function for corn is ad: 15-2P. The market supply function is 05: 5P- 2.5 both measured in

The market demand function for corn is ad: 15 -2P. The market supply function is 05: 5P- 2.5 both measured in billions of bushels per year. The initial equilibrium price is $2.5, and the initial equilibrium quantity is 10 billion bushels. Consumer surplus is $25.00, producer surplus is $10.00, and aggregate surplus is $35.00. Suppose the government gives corn farmers a subsidy of $0.77 per bushel of corn. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the subsidy? Instructions: Round your answers to 2 decimal places. Amount m New level of consumer surplus w New level of producer surplus m Cost of the subsidy to -billion government New level of aggregate surplus m Deadweighuoss m Recall that the market demand function for corn is Qd = 15 - 2P. The market supply function is QS = 5P - 2.5, both measured in billions of bushels per year. For the tax increase to $1.40, calculate the change in consumer surplus, producer surplus, and government revenue, relative to the $0.70 tax. Instructions: Round your answers to two decimal places. Include a negative sign if necessary. Amount ($) Change in consumer surplus billion Change in producer surplus billion Change in government billion revenue Sum of all changes billion

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