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The demand function for corn i

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The demand function for corn is q = 200 ? p and the supply function is q = 50 + 0.5p. The government sets the price of corn at $150 and agrees to purchase and destroy any excess supply of corn at that price.;Is there an excess supply of corn at a price of $150?;How much is the value?;(if your value is an excess supply, enter it as a positive value without the + sign, if your value is an excess demand, enter it as a negative value with the - sign in front (e.g. -50);How much money will it cost the government to sell or buy this corn?;(If the government buys the corn, enter your value as a positive value without the + sign, if the government sells the corn, enter your value as a negative value with the - sign in front (e.g. -1000).)

 

Paper#26364 | Written in 18-Jul-2015

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