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Fe College | ( X SF McGraw Hill Connect X Question 24 - HW - Market Eq X eSantaFe - My FA Statu ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252F et Equil. and Policy Saved The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound for butter they supply to the market. Below is the current monthly demand and supply schedules for wholesale butter (in millions of pounds per month). Market for Wholesale Butter Quantity of Quantity of Butter Butter Demanded Supplied Price (dollars (millions of (millions of per pound) pounds) pounds) $0 . 80 107 63 0.90 104 71 1.00 101 79 1. 10 98 87 1.20 95 95 1. 30 92 103 1.40 89 111 1.50 86 119 1.60 83 127 1. 70 BO 135 1. 80 143 Instructions: Round your answer for price to 2 decimal places. Enter your answers for quantity as a whole number. a. What are the equilibrium price and quantity in the wholesale butter market? P= $ Q= million pounds b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program? 79 million pounds O Zero 22 million pounds 11 million pounds Suppose that a decrease in the cost of feeding cows shifts the supply schedule to the right by 40 million pounds at every price. c. Fill in the new supply schedule given the change in the cost of feeding cows. Market for Wholesale Butter Initial Quantity of Quantity of Butter Butter Demanded supplied Price (dollars (millions of (millions of New Quantity of Butter per pound) Supplied (millions of pounds) pounds) pounds) $0. 80 107 63 0.90 104 71 1.00 101 79 1. 10 98 87 1 .20 95 95 1 . 30 92 103 1.40 89 111 1.50 86 119 1.60 83 127 1. 70 80 135 1.80 143 d. Given the new supply of butter, what is the monthly surplus of butter created by the price support program? million pounds