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The demand and supply for Q are given, respectively, by: QD = 500 – 20P (demand), QS = –100 + 10P (supply),Suppose the government enacts a deficiency payment of $22.(a) Graph the demand and supply equations.(b) What are the equilibrium price and quantity?(c) Assuming the demand and supply curves given above, suppose that a price support of $22 were set by thegovernment. What are the new quantity supplied and quantity demanded given the $22 price? How much Q willthe government buy? What is the government’s unit deficiency payment? Show this on your graph.(d) Calculate the welfare measures when moving from the free-market to the deficiency payment solution—specifically, find measures for changes in consumer surplus, producer surplus, taxpayer cost, and the deadweightloss.

 


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