Business, 11.01.2020 05:31 Riohxncho

Much of the demand for u. s. agricultural output has come from other countries. in 1998, the total demand for wheat was q=3244-283p. of this, total domestic demand was qd=1700-107p, and domestic supply was qs=1944+207p. suppose the export demand for wheat falls by 40 percent.

a. u. s. farmers are concerned about this drop in export demand. what happens to the free-market price of wheat in the united states? do farmers have much reason to worry?

b. now suppose the u. s government wants to buy enough wheat to raise the price to $3.50 per bushel. with the drop in export demand, how much wheat would the government have to buy? how much would this cost the government? do this step by step so i can understand how to solve this.

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