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Supply-demand diagram

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Reference no: EM131193408

Suppose that the demand curve for corn is downward sloping but that the supply curve is perfectly price inelastic at a quantity of Q* once the corn is harvested. Futhermore, assume that the equilibrium price is $5 per bushel.

If the U.S. gov decides to enter the market for corn and purchase enough so that the price doubles to $10 per bushel (assume that the corn is given away to Russia) indicate om a supply-demand diagram and the amount spent on corn by the u.s. government.

How much is being spent on corn before the government enters the market? Remember the amount spent is P times Q. Note the government has not yet entered the market.

Reference no: EM131193408

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