Authors libby rittenberg 228
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Price per bushel Quantity demanded Quantity supplied
$0
6
0
1
5
1
2
4
2
3
3
3
4
2
4
5
1
5
6
0
6
1. Draw the demand and supply curves for corn. What is the equilibrium
price? The equilibrium quantity?
2. 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?
3. With the price floor, how much do farmers receive for their corn?
How much would they have received if there were no price floor?
4. If the government buys all the surplus wheat, how much will it spend?
Problems 5–9 are based on the following hypothetical demand and
supply curves for apartments
Number of Apts.
Number of Apts.
Rent/Month
Demanded/Month
Supplied/Month
$0
120,000
0
200
100,000
20,000
400
80,000
40,000
600
60,000
60,000
800
40,000
80,000
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
228
