Question: The demand function for corn is q = 200 - p and the supply function is q = 50+0.5p. (a)Represent, on a clearly labelled graph,

The demand function for corn is q = 200 - p and the supply function is q = 50+0.5p.

(a)Represent, on a clearly labelled graph, the equilibrium prices and quantities?

(b)Thegovernment sets the price of corn at 150 and agrees to purchase and destroy any excess supply of corn at that price. On the same graph, represent this restriction and shade thedeadweight loss occurring because of this restriction.

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