Use the following information to work Problems 8 and 9.

Crop prices erode farm subsidy program High corn and soybean prices mean farmers are making the most money in their lives. At the same time, grain prices are far too high to trigger payouts under the U.S.

primary farm-subsidy program’s ”price support” formula. The market has done what Congress couldn’t do and that is “slash farm subsidies.”

Source: The Wall Street Journal, July 25, 2011