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Price (dollar per tonne ) Quantity demanded ( kilo tonnes )

Question # 00558372
Subject: Economics
Due on: 07/08/2017
Posted On: 07/08/2017 08:24 AM

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Price

(dollar per tonne)

Quantity

demanded

(kilo tonnes)

Quantity

supplied

(kilo tonnes)

100

2,000

0

150

1,400

600

200

1,200

800

250

1,000

1,000

300

800

1,200

350

600

1,400

400

0

2,000

The table shows the demand and supply schedules for US wheat market. The US Farm Bill 2012 indicates that the domestic price of wheat will be set at $300 per tonne, which is above the market equilibrium level of $250 per tonne, in order to support for domestic wheat growers. At the market equilibrium, 1,000 kilo tonnes (Kt) are supplied.

On a graph, explain how the price control in the US would change the consumer surplus, producer surplus, and deadweight loss in the domestic wheat market. Assume that the US does not trade wheat internationally. Also, calculate the changes in consumer surplus, producer surplus and deadweight loss. (Remember 1 kilo tonne = 1,000 tonnes)

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Price (dollar per tonne ) Quantity demanded ( kilo tonnes )

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Posted On: 07/08/2017 08:24 AM
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