IS Homework: ASSESS Chapter 10 Homework Question 8, Text Problem 9 > Some government agricultural policies involve price controls. Other agricultural C policies, however, involve quantity controls. The equilibrium price of wheat is $5 and the equilibrium quantity is 100 bushels, as shown in the diagram on the right Suppose the govemment institutes a policy that prohibits wheat farmers from growing more than 60 bushels of wheat in total. How would this policy change the supply curve for wheat? Use your supply and demand diagram to show that the govemment policy would raise the equilibrium price and lower the equilibrium quantity of wheat. Show that the policy will lead to a deadweight loss in the wheat market 1.) Using the multipoint curve drawing tool, graph the supply curve for wheat with the quota. Label your curve 'S (Note: draw the entire supply curve) 2) Using the point drawing tool, indicate the market price and quantity with the quota Label your point 'e," 3.) Using the triangle drawing tool, shade in the deadweight loss from the quota Label your area DWL Carefully follow the instructions above and only draw the required objects. Price 11- 10 HW Score: 16.67 %, 2.33 of 14 points O Points: 0 of 1 Market for Wheat 20 40 60 80 100 120 140 160 180 200 220 Quantity (in bushels) Save After plotting the final point of your multipoint curve, press the 'ESC' key on your keyboard to end the line