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fQuestion 1 1 pts Consider the information in the le called HW4 Corn Market. Currently: Equilibrium price = dollars per bushel Equilibrium quantity = billion
\fQuestion 1 1 pts Consider the information in the le called HW4 Corn Market. Currently: Equilibrium price = dollars per bushel Equilibrium quantity = billion bushels Consumer surplus = billion dollars Producer surplus = billion dollars Total consumer expenditure on corn = billion dollars Total revenue received by corn farmers = billion dollars Question 2 2 pts Consider the information in the file called HW4 Corn Market. Suppose that the aggregate amount of xed cost incurred by all the farmers combined equals $3 billion {loan payments to banks, insurance payments. rent on land. etc.) Then, currently: Aggregate revenue earned by corn farmers {from previous question) = billion dollars. Aggregate variable cost of production faced by com farmers = billion dollars. Aggregate total cost of production faced by com farmers = billion dollars. Economic profit earned by all the corn farmers combined = billion dollars
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