The demand for soybeans is Q= 9P, where Q is in millions of bushels and P is dollars per bushel.

Ths supply of soybeans is Q= 2P.

The market for soybeans is perfectly competitive. The equilibrium price for soybeans is $

nothing

. (Enter your response as aninterger.)

The equilibrium quantity for soybeans is

nothing

million bushels. (Enter your response as aninterger.)

To help soybean farmers earn largerprofits, the government institutes a price support program for soybeans. The government sets the support price(a minimumprice) at$4 per bushel and promises topurchase, at the supportprice, any soybeans that are not purchased by consumers.

On the graph to the right show the market for soybeans.

1.) Use the line drawing tool to draw the demand curve starting at Q= 0 and extending it to Q= 9. Properly label your curve.

2.) Use the line drawing tool to draw the supply curve starting atQ= 0 and extending it to Q= 10. Properly label your curve.

3.) Use the point drawing tool to indicate the equilibrium price and quantity. Label the point'E'.

4.) Use the line drawing tool to show the support price of$4; start your line a Q= 0 and extend it to Q= 9. Label you line 'Ps'

Carefully follow the instructionsabove, and only draw the required objects.

At the$4 price,

nothing

million bushels of soybeans will be demanded. (Enter your response as aninterger.)

At the$4 supportprice, farmers will produce

nothing

million bushels of soybeans. (Enter your response as aninterger.)

The government will have to purchase

nothing

million bushels of soybeans. (Enter your response as aninterger.)

The reduction in consumer surplus is $

nothing

million. (Enter your response as a real number rounded to one decimalplace.)

The increase in producer surplus as a result of the price support program is $

nothing

million. (Enter your response as a real number rounded to one decimalplace.)

The government will have to spend $

nothing

million to purchase the excess supply of soybeans. (Enter your response as a real number rounded to one decimalplace.)

The price support program will cause a deadweight loss of $

nothing

million. (Enter your response as a real number rounded to one decimalplace.)

The demand for soybeans is Q = 9 - P, where Q is in millions of bushels and P is dollars per bushel. Price (in dollars) Ths supply of soybeans is Q = 2P. 10- The market for soybeans is perfectly competitive. The equilibrium price for soybeans is $ . (Enter your response as an interger.) co The equilibrium quantity for soybeans is | | million bushels. (Enter your response as an interger.) 7- 6- To help soybean farmers earn larger profits, the government institutes a price support program for soybeans. The government sets the support price (a minimum price) at $4 per bushel and promises to purchase, at the support price, any soybeans that are not purchased by consumers On the graph to the right show the market for soybeans. N W 1.) Use the line drawing tool to draw the demand curve starting at Q = 0 and extending it to Q = 9. Properly label your curve. 2.) Use the line drawing tool to draw the supply curve starting at Q= 0 and extending it to Q = 10. Properly label your curve. 3.) Use the point drawing tool to indicate the equilibrium price and quantity. Label the point 'E'. 23 4 6 8 9 10 4.) Use the line drawing tool to show the support price of $4; start your line a Q = 0 and extend it to Q = 9. Label you line 'PS' Quantity (millions of bushels) Carefully follow the instructions above, and only draw the required objects. At the CA nica | | million huchale of couhnone will ha demanded /Enter wour moononon an an internalAt the $4 price, D million bushels of soybeans will be demanded. (Enter your response as an interger.) At the $4 support price, farmers will produce million bushels of soybeans. {Enter your response as an interger.) The government will have to purchase million bushels of soybeans. {Enter your response as an inteiger) The reduction in consumer surplus is $ million. {Enter your response as a real number rounded to one decimal place.) The increase in producer surplus as a result of the price support program is $|:| million. (Enter your response as a real number rounded to one decimal place.) The government will have to spend 35D million to purchase the excess supply of soybeans. (Enter your response as a real number rounded to one decimal place.) The price support program will cause a deadweight loss of $|:| million. {Enter your response as a rear number rounded to one decimal place.)