Part B - Farm Support Programs (5 marks) Following is hypothetical industry data for a single agriculture commodity , operating in what is assumed to be perfect competition . Quantity Quantity Demanded Price Supplied 600,000 40.00 900,000 m 700,000 32.00 800,000 750,000 26.00 750,000 800,000 24.00 700,000 850,000 20.00 650,000 900,000 16.00 600,000 950,000 12.00 550,000 1. What is the market price and quantity? (1 mark) Price : Quantity Produced : 2. If there were a price oor at $36.00, how much would it cost the government ? [show your calculations ) (1 mark) 3. If there was a subsidy at a price of $36.00: a. How much would farmers supply? (1 mark): b. What would the market price be for this quantity ? (1 mark) c. How much would this cost the government '? (Show your calculation } (1 mark)