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  3. the market demand function for corn is   Â

The market demand function for corn is               Qd = 25 - 2P The market supply function...

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Advance Math

The market demand function for corn is

             Qd = 25 - 2P Themarket supply function is

               Qs = 5P -3

both measured in billions of bushels per year. What would be thewelfare effects of a policy that put a cap of $3.50 per bushel onthe price farmers can charge for corn? (Assume that corn ispurchased by the consumers who place the highest value onit.)

Instructions: Round quantities to one decimalplace. Round prices and surpluses to two decimal places.

Amount($)
  Newlevel of consumer surplusbillion ?
  Newlevel of producer surplusbillion ?
  Newlevel of aggregate surplusbillion
  Deadweight lossbillion

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