Suppose that the government successfully maintains a price P0 for wheat that is above the equilibrium price.
Question:
a. By how much must farmers agree to cut back production in order for the program to be successful?
b. Show on a graph the minimum payment that the government must make to farmers in order for them to agree to the deal.
c. Assuming that the government makes this minimum payment, use your graph to show the gains and losses to consumers, producers, and taxpayers from this arrangement. Calculate the deadweight loss.
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