Order the answer to: For the last 70 years the U.S. government has used

Assignment Help business-economics Order the answer to: For the last 70 years the U.S. government has used

business-economics

Order the answer to: For the last 70 years the U.S. government has used

Question a. If the government sets a price floor of $5 per bushel, how many bushels of corn are produced? How many are purchased by consumers? By the government? How much does the program cost the government? How much revenue do corn farmers receive?
b. Suppose the government sets a target price of $5 per bushel for any quantity supplied up to 1,000 bushels. How many bushels of corn are purchased by consumers and at what price? By the government? How much does the program cost the government? How much revenue do corn farmers receive?
c. Which of these programs (in parts a and b) costs corn consumers more? Which program costs the government more? Explain.
d. Is one of these policies less inefficient than the other? Explain.
Subject business-economics
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