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16. Draw the demand and supply curves for corn. What is the equilibrium price? The equilibrium quantity? 17. Suppose the government now imposes a price

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16. Draw the demand and supply curves for corn. What is the equilibrium price? The equilibrium quantity? 17. Suppose the government now imposes a price floor at $4 per bushel. Show the effect of this program graphically. How large is the surplus of corn? 18. With the price floor, how much do farmers receive for their corn? How much would they have received if there were no price floor? 19. If the government buys all the surplus wheat, how much will it spend

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