Question: Problems 10-11 are based on the following demand and supply schedules for corn (all quantities are in millions of bushels per year). Price per bushel

Problems 10-11 are based on the following demand and supply schedules

Problems 10-11 are based on the following demand and supply schedules for corn (all quantities are in millions of bushels per year). Price per bushel Quantity demanded Quantity supplied $0 OH NWA GO OUAWNBC 10. Draw the demand and supply curves for corn. What is the equilibrium price? The equilibrium quantity? 11. Suppose the government now imposes a price floor at $4 per bushel. Show the effect of this program graphically. How large is the surplus of corn

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