Question: The demand function for corn is q = 200 - p and the supply function is q = 50+0.5p. (a)What are the quilibrium prices and

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

(a)What are the quilibrium prices and quantities?

(b) The government sets the price of corn at 150 and agrees to purchase and destroy any excess supply of corn at that price. How much money does it cost the government to buy this corn?

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