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The secretary of Agriculture is considering recommending a surplus purchase program with a support price of $6.50/cwt to the President but before he does he wants you to determine how much rice the government will have to purchase to support price at that level and what the cost to the government will be. Given: Supply/Demand= 1000 cwt. Price=4.00/cwt Supply Price Elasticity= 0.22 Demand Price Elasticity= -.72 and Equilibrium before Programs equal 210,960.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M960333

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