Calculate the income of all farmers in the wheat industry

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The wheat industry faces the following demand and supply curves: Qd = 800 - 4P Qs = 100 + 3P 41. Determine the equilibrium price and quantity. Calculate the income of all farmers in the wheat industry at the equilibrium point. 42. Assume that the government adopts a price support program for wheat, and supports the price of $120. Calculate the income of all farmers in the what industry. 43. Ho much does the price support program cost to the government? What is the direct consumers' expenditure? 44. Assume now that the government adopts a target-price program for wheat and sets the target price at $120. How much does the target-price program cost the government? What is the direct consumers' expenditure?

Reference no: EM131099363

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Calculate the income of all farmers in the wheat industry : The wheat industry faces the following demand and supply curves: Qd = 800 - 4P Qs = 100 + 3P 41. Determine the equilibrium price and quantity. Calculate the income of all farmers in the wheat industry at the equilibrium point. Calculate the income of..

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