The following figure represents the market for wheat in bushels, and the price per bushel of wheat in the country of Evetsville. 107 8- 6- $5 Price of wheat 200 :400 D :600 Quantity of wheat ASUS F2 F3 F4 F5 F6 F8 F9 F10 F11 F12 LAJ Prt Sc/imprecr.Use this figure to answer the following questions. 1. What is the efficient quantity of wheat and the price of wheat per bushel in the absence of any government intervention? Provide the exact numeric amounts. (1 mark) 2. Assume that the government feels that the market price per bushel of wheat is too low and wants to provide a price support to wheat farmers by imposing a price floor of $7. Explain the market impact of this price floor by discussing: What the new quantity of bushels of wheat produced and sold is; whether a surplus or shortage is created and its magnitude; and the effect on market efficiency. (3 marks) Format AGUS