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Problems 19-22 are based on the following demand and supply schedules for corn (all quantities are in millions of bushels per year). Price per Bushel

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Problems 19-22 are based on the following demand and supply schedules for corn (all quantities are in millions of bushels per year). Price per Bushel ($) Quantity Demanded Quantity Supplied 0 0 u 2 4 2 A W N W 4 5 u 6 0 6 19. Draw the demand and supply curves for corn. What is the equilibrium price? The equilibrium quantity? 20. (Related to "Try It!" in section 4.3.) Suppose the government now imposes a price floor at $4 per bushel. Show the effect of this program graphically. How large is the surplus of com? 21. With the price floor, how much do farmers receive for their corn? How much would they have received if there were no price floor? 22. If the government buys all the surplus corn, how much will it spend

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