Question

The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound of butter they supply to the market. Below is the current monthly demand and supply schedule for wholesale butter (in millions of pounds per month).Price (dollars per pound) Quantity of Butter Demanded (millions of pounds) Quantity of Butter Supplied (millions of pounds) $0.80 107     63   0.90 104    71   1.00 101    79   1.10    98    87   1.20    95    95   1.30    92 103   1.40    89 111   1.50    86 119   1.60    83 127   1.70    80 135   1.80    77 143a. In the butter market, the monthly equilibrium quantity is ________ million pounds and the equilibrium price is $___________ per pound.b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program?a.11 million poundsb. 22 million poundsc. Zerod. 79 million pounds

Answer 1

the price is 546

because you add all that and you get that muchh