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Please Help Suppose the demand curve for rice in China is given by the equation Q=100-10P, where Q is in million tons per year and

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Suppose the demand curve for rice in China is given by the equation Q=100-10P, where Q is in million tons per year and Plis in thousand yuan per ton of rice. The supply curve is 06:20P-20. Suppose further that the government arranges for the farmers to supply a total of 40 million tons of rice a year, and it pays a fixed procurement price 2,000 yuan per ton. The government then sells the rice in the urban areas for 3,000 yuan a ton. a) (6 points) What will be the consumer surplus, producer surplus and government revenue under this scheme? b) (4 points) Is the scheme efficient? If not, what is the deadweight loss? c) (4 points) 00 you expect a black market for rice to develop? If the government can stop farmers from selling rice outside the government procurement agency, but it cannot stop the urban residents from reselling rice, what do you expect the black market price to be

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