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Draw market demand and supply curves

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Reference no: EM133130877

Suppose that the corn market is characterized as following: Demand curve(DmrkDmrkS): Q=40-0.5P, Supply curve(S): Q=-5+P. P and Q represents corn price per bushel and quantity (in billion bushels) respectively. Assume there is no market distortion.

(1) Draw market demand and supply curves. Plot the market equilibrium. Solve for a price and quantity at the market equilibrium.

(2) Solve for producer surplus and net benefit at the market equilibrium. Shade consumer surplus in the graph at the market equilibrium.

(3) Solve for total costs and total benefits at the market equilibrium.

Reference no: EM133130877

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