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 price floor guaranteeing farmers a price of $5.50 per bushel of wheat, what is value of the lost consumer surplus?

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     There is not enough information given to solve the problem.
      $1.25 million
      $23.75 million
      $22.5 million
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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$23.75 million
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)

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