The market demand function for wheat is and the market supply function is ,both measured in billions of bushels per year.Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal.How much would the government have to pay farmers?
A) $1.5 billion
B) $3 billion
C) $4.5 billion
D) $18 billion

Question

The market demand function for wheat is  and the market supply function is  ,both measured in billions of bushels per year.Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal.How much would the government have to pay farmers?
A) $1.5 billion 
B) $3 billion 
C) $4.5 billion 
D) $18 billion

Quizplus · Accepted Answer

The Answer of The market demand function for wheat is  and the market supply function is  ,both measured in billions of bushels per year.Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal.How much would the government have to pay farmers?
A) $1.5 billion 
B) $3 billion 
C) $4.5 billion 
D) $18 billion

The Market Demand Function for Wheat Is and the Market