Suppose the demand for wheat, in millions of bushels, can be expressed as Q = 100 - 10P and the supply can be expressed as Q = 10P. If government sets a production quota of 45 million bushels to prop up prices and farm income, what is the total gain to producers?

0 votes
     $21.25 million
      $23.75 million
      $22.5 million
      There is not enough information given to solve the problem.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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$21.25 million
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)

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