Consider a closed economy. suppose the market for corm in Banana Republic is competitive. Domestic market demand: Q^d=18-P, domestic market supply: Q^s=P-2, Both measured in billions of bushels per year. The government initiated a price support program by purchasing 2 billion bushels corn in the market

(a) Draw a graph to show the new market equilibrium price and quantity without calculating the number. Identify the area of the dead weight loss on the graph.

(b) Can you calculate the new market equilibrium price and quantity?