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[Qz 9-7486194] Consider the market for an agricultural commodity. The direct market demand curve is Q(P) = 420 - 15F and the market supply curve
[Qz 9-7486194] Consider the market for an agricultural commodity. The direct market demand curve is Q(P) = 420 - 15F and the market supply curve is Q(P) = 15F. At the market equilibrium, what quantity will be sold and for what price? Quantity: . (Round answer to the nearest whole number and use in subsequent calculations). Price: . (Round answer to the nearest whole number and use in subsequent calculations). Suppose the government imposes a price support at P = $21.00 and supports the price by purchasing excess supply (assume the excess supply cannot be resold). What quantities will be demanded and supplied under this policy? Quantity demanded: . (Round answer to the nearest whole number and use in subsequent calculations). Quantity supplied: . (Round answer to the nearest whole number and use in subsequent calculations). What is the welfare impact of this policy? Change in consumer surplus: . (Round answer to one decimal place; Include a negative sign when appropriate). Change in producer surplus: . (Round answer to one decimal place; Include a negative sign when appropriate). Government expenditure: . (Round answer to one decimal place; Enter as a positive number). Change in social surplus: . (Round answer to one decimal place; Include a negative sign when appropriate)
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